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Ships transporting Russian oil purchased above price cap to face 90-day EU insurance ban

"If an EU vessel, such as an EU flagged vessel, violates the price cap, it will be subject to the consequences that follow under each Member State's national legislation," the commission explained

BRUSSELS, December 3. /TASS/. The European Union will prohibit its operators from insuring, financing and servicing third countries’ vessels transporting Russian oil purchased above a price cap for 90 days, the European Commission said on Saturday.

"If a third country flagged vessel intentionally carries Russian oil above the price cap, EU operators will be prohibited from insuring, financing and servicing this vessel for the transport of Russian oil or petroleum products for 90 days after the cargo purchased above the price cap has been unloaded. If an EU vessel, such as an EU flagged vessel, violates the price cap, it will be subject to the consequences that follow under each Member State's national legislation," the commission explained.