Turkey warned the world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil as new European sanctions kick in. The new rule starts Dec. 1, …
Russia’s biggest oil exporter Rosneft has expanded its tanker chartering business to ease oil shipments for buyers amid looming Western sanctions on insurance of Russian oil shipments, three sources familiar with the matter said. Previously, state controlled Rosneft, which produces …
Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major’s refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from …
Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions 10 months on from the lifting of international sanctions. Shut out of international …
Insurance for tankers to export Iranian crude may be unusable even after the U.S. and the European Union eased sanctions against the Persian Gulf state, a group covering vessel owners said. Ship owners hauling Iran’s oil may go unpaid if …
