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EU to Weaken Russia Oil Sanctions, but Keeps Plan to Prohibit Insurance of Shipments

May 9, 2022

The European Union is set to soften its sanctions package on Russian oil exports after a weekend of wrangling, though it aims to keep a key shipping provision that will hinder Moscow’s ability to export its crude.

The bloc will drop a proposed ban on EU-owned vessels transporting Russian oil to third countries, according to documents seen by Bloomberg and people familiar with the matter. Critically, a prohibition on insurance remains in the works and would remain a significant impediment to exports.

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