Norwegian insurer Gard has spelt out the scope of the latest European Union insurance sanctions on the shipment of Russian oil exports.
In a note to members, Gard said under the EU’s sixth sanctions package that it will only be allowed to cover ships carrying Russian oil to non-EU countries if the insurance was agreed before 4 June.
The EU has said it prohibits the purchase, import and transfer of oil destined for import into member states.
