EU uses insurance ban as its largest slam to Russian oil exports so far

Insurance ban - Oil Cargo Ship

The European Union has deepened its impact on curbing Russian revenues from exported energy. The European Union’s insurance ban on Russian oil exports is the largest hit so far that it has sent to the country’s energy revenues. The EU has embargoed 90 percent of all its Russian oil imports by the end of 2022. While the embargo on the vast majority of Russian oil imports is a big strike against the country’s energy revenues, what is likely to be much more damaging is the insurance ban put in place.…

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Global insurance industry will feel “substantial impact” from Russian invasion of Ukraine

Global insurance industry - Globe - fracture

AM Best has released a forecast regarding the effect the invasion is expected to have worldwide. The Russian invasion of Ukraine is expected to have a “substantial impact” on the global insurance industry, according to a forecast by AM Best. The invasion is expected to add to the already existing inflationary pressures economies worldwide are facing. The AM Best rating agency recently announced that the global central banks’ efforts, joined by those of the United States Federal Reserve, for controlling inflation will face additional challenges due to Russia’s invasion of…

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