The cost of insuring merchant ships sailing to ports in the Black Sea has spiraled out of control, becoming a huge potential impediment to the movement of Russian cargoes from the region.
Shell Plc decided to idle two liquefied natural gas vessels chartered from a Russian company, in the latest example of an energy giant seeking to avoid future sanctions or public condemnation tied to the war in Ukraine.
London’s marine insurance market has added all of Russia’s waters to its list of areas deemed high risk, an advisory showed, which is likely to raise the cost of shipping and adds to the logistical pressures on Moscow.
The EU is proposing further sanctions against the Kremlin after allegations of Russian war crimes in Ukraine, with EU ambassadors meeting on Wednesday to decide what steps to take.
A Russian landing ship has been destroyed and two other boats have been damaged in the occupied Ukrainian port city of Berdyansk, say Ukrainian officials.
The United States is banning all imports of oil and gas from Russia, US President Joe Biden has announced, in a move that aims to pressure Russian President Vladimir Putin to end the war in Ukraine.
