Biden said that the United States will deprive Russian tankers of insurance for the transportation of oil

According to him, this will be done in order to prevent its transportation to other countries.

Joe Biden / photo ua.depositphotos.com
Joe Biden / photo ua.depositphotos.com

US President Joe Biden said the United States and its allies will not provide oil insurance to Russian ships.

He stated this at a press conference at the NATO summit in Madrid.

According to him, this will be done in order to prevent its transportation to other countries.

“We and the West will not provide insurance to Russian ships for the transportation of oil, so they will have huge problems in delivering it to customers,” Biden explained.

He also promised Russia difficulties in maintaining oil production due to limited access to technology in the face of sanctions.

Biden noted that the mechanism of price limits will allow the Russian Federation to profit from oil exports, but below current volumes.

Refusal of Russian oil

The war in Ukraine and sanctions against Russia have caused many Western buyers of Russian oil, such as  Shell , to stop new spot purchases. Refiners in Europe are less and less willing to process Russian oil.

It is noted that this has already undermined Russian exports, although purchases by India and Turkey partially compensated for the shortfall. Sales to China also continue.

According to the shipment plan, the volumes of Rosneft and Gazprom Neft in April amounted to 29 million barrels, or almost 1 million barrels per day, which is more than 40% of the total Urals crude oil exports from Russia’s western ports in April.

On April 13, the international energy agency said that Russian oil supplies could be reduced by 3 million barrels per day compared to May.

On April 14, 2022, it became known that global traders will reduce purchases of Russian oil from May 15.

(C)UNIAN 2022

2 comments

  1. Well, putin may still have the ships sent out with their oil cargoes, but just without insurance for things like running against coral reefs, or foundering from a swift moving storm. Still, I wish my country’s bumbler-in-chief had been more serious about putin BEFORE an invasion happened.

  2. Good, but rather weak. But I guess we can’t expect a strong measure against the fascist crime syndicate from Biden.

What is your opinion?