Bloomberg: EU considers banning insurance and shipments of Russian oil and lowering price cap

Citing Bloomberg, the bulletin reported that the European Union is preparing a tougher set of measures targeting Russian oil exports, including proposals to prevent European companies from insuring or transporting Russian crude.

The report said the global price cap mechanism would be lowered to $44.10 per barrel on Feb. 1 and that European officials are considering replacing the cap with a full ban on shipments as part of the 20th package of sanctions against Russia, according to sources cited by Bloomberg.

The bulletin did not present EU officials’ direct statements; it attributed the details to Bloomberg reporting and noted the package would complicate Russian oil imports and widen measures to banks, crypto-service providers and other intermediaries that help Moscow evade sanctions.