Europe is making it much harder for Russia to sell oil anywhere -- with a ban on insuring ships carrying Russian oil that would make it harder for Moscow to divert hundreds of thousands of barrels a day to other buyers in India and China.
But a smaller part of the latest sanctions package could prove just as significant. A ban on insuring ships carrying Russian oil would make it harder for Moscow to divert hundreds of thousands of barrels a day to other buyers in India and China, and that could drive global oil prices even higher.
If the United Kingdom cooperates, it would make it much harder for India to pick up the slack. The same goes for China, where demand for fuel is expected to increase as coronavirus restrictions in major cities are eased.The insurance market also includes a network of reinsurers who help pool risk. Many of these firms are based in Europe.
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