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6/30, 6:21 PM (Source: TeleTrader)
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Kremlin sees risks in US ban on ship insurance

A potential West-imposed ban on insurance for tankers carrying Russian oil could bring "risks," Kremlin spokesman Dmitry Peskov acknowledged on Thursday after United States President Joe Biden spoke about the topic earlier in the day.

However, Peskov went on to say that some buyers of Russian oil will have more, and some of them fewer issues if the measure is introduced. "The reorientation of oil transportation routes will continue" as the demand for oil is not weakening, he told Russian media.

Russia's Deputy Prime Minister Alexander Novak said earlier today that a price cap on Russian oil would lead to "a shortage of energy resources" and a global rise in prices, backfiring on the Western countries that could implement such a decision.

Baha Breaking News (BBN) / MS