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European Union countries are to ban the insurance of Russian oil cargoes transported by sea to reduce Moscow's revenue for its military action against Ukraine.

This was said by Oleg Ustenko, senior economic adviser to Ukrainian President Volodymyr Zelensky, quoted by BTA.

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Later today, the European Commission is expected to present its proposal for the next package of sanctions against Russia during a meeting of the national envoys of the 27 member states of the Union in Brussels.

The EC announced the new sanctions against Russia after the referendums

"The main goal is to cut off Putin's regime from any kind of fossil fuel revenue," Ustenko said, adding that the oil price ceiling, which must match the one already agreed by the world's seven most advanced economies (G-7) , is "extremely important" and should be approved as soon as possible.

Although the EU has already agreed to freeze Russian oil imports later this year, Ustenko said "blood money" will continue to flow to Moscow unless European companies are banned from insuring Russian oil shipped by sea.

He expressed hope that Hungary would change its approach and that Greece, Malta and Cyprus would also join further sanctions against Moscow.

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