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U.S. Push for Exceptions in Europe’s Sanctions on Russian Oil Gains Traction

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A U.S. push to pare again one of many European Union’s sanctions on Russian oil has tentatively began to achieve traction throughout the 27-member bloc, with officers weighing whether or not to permit insurers to cowl shipments of Russian oil if the value the oil will promote for falls below a cap.

After weeks of infighting, the EU in early June accepted a ban on insuring shipments of Russian oil alongside a ban on imports of Russian oil that’s set to enter impact this later yr. As a result of many shipments of Russian oil are insured within the EU and U.Ok., Treasury Secretary Janet Yellen has repeatedly stated she is anxious that the EU’s plans may take Russian oil off the worldwide market and additional drive up costs.