CITY AM – UK insurers profit from Russian oil 

UK has insured £102bn worth of Russian oil despite sanctions

CITY AM SAYS A former Cabinet minister has called on the insurance industry to think on its obligations after it was revealed that UK firms have insured over €120bn worth of Russian oil.

From March 2022, just after Russia’s invasion of Ukraine, until the end of November 2023, the UK insured €120.6bn worth of Russian oil, according to an analysis by the Centre for Research on Energy and Clean Air (CREA).

The CREA analysis is focused on the months between March 2022 and November 2023. It is not illegal to transport Russian oil, or insure it, as long as the black gold is sold for less than $60 a barrel.

CREA revealed that 33 per cent of all Russian oil (by volume) was transported on tankers insured in the UK.

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