The United Kingdom and the European Union have agreed on a coo | News | Times

The United Kingdom and the European Union have agreed on a coordinated ban on insurance for ships carrying Russian oil. The move would close Moscow's largest insurance market, Lloyd's of London, and "severely limit its ability to export crude oil," and could "force it to seek insurance opportunities in smaller, less developed markets." Greece and Cyprus agreed to the proposal for such a ban after the U.K. pledged to follow suit.