EU officials have proposed a ban on insuring ships that carry Russian oil, a move aimed at blocking Russia’s access to global oil markets and the revenue that has fueled its military invasion of Ukraine.
“In effect, it would be a very strong hindrance to export Russian crude,” said
Lars Barstad,
chief executive of
Frontline Ltd.
, which owns one of the world’s biggest tanker fleets.
Mr. Barstad said his ships don’t carry oil if Frontline can’t insure the vessels against hazards such as environmental damage.
