EU Weighs Proposal to Sanction Russian Oil Tanker Insurer Ingosstrakh
- EU executive examining member state proposal to list insurer
- Assessment at early stage, firm not in latest draft measures
The EU, US and other allies are focused on cracking down on Moscow’s ability to circumvent sanctions and on curbing its future revenue .
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
The European Union’s executive arm is examining the feasibility of a proposal by one of its member states to sanction Russia’s Ingosstrakh Insurance Co., as part of efforts to choke revenue generating streams that Moscow needs to finance its war against Ukraine.
The proposal, which may require the EU to expand its listing criteria, aims to target one of the main providers of insurance to tankers hauling Russian oil after the Group of Seven introduced price caps on most Russian seaborne crude and fuels in late 2022 and early 2023, according to people familiar with the matter.