The UK and the European Union have agreed to jointly shut off Russia’s access to oil cargo insurance, the Financial Times reported, which would severely affect its ability to export crude. This will likely contribute substantially to the already considerable turmoil in international oil markets, ultimately pushing prices even higher. The insurance ban is part of the sixth package of sanctions that the EU approved against Russia this week, which also famously includes a gradual oil and oil product import embargo on Moscow. “It’s…
