US gains in push for exemption from EU sanctions against Russian oil

A US push to reduce one of the EU’s sanctions against Russian oil has so far begun to gain ground in the 27-member bloc, where officials are considering whether to allow insurance companies to cover shipments of Russian oil if the price at which the oil will sell for, falls. under a cap.

After weeks of conflict, the EU approved in early June a ban on insuring shipments of Russian oil along with a ban on imports of Russian oil, which is due to take effect in later years. Because many shipments of Russian oil are insured in the EU and the UK, Finance Minister Janet Yellen has repeatedly said she is concerned that EU plans could remove Russian oil from the global market and drive up prices further.

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