Janet Yellen, US Treasury secretary, speaks during a Senate Finance Committee hearing in Washington, D.C., US, on Tuesday, June 7, 2022. Yellen, worried by the specter of inflation, initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third, according to an advance copy of a biography on the Treasury secretary. About 95% of the world's tanker liability coverage is arranged through a London-based insurance organization called the International Group of P&I Clubs that has to heed European law. (Credit: Sarah Silbiger/Bloomberg)

(Bloomberg) — U.S. Treasury Secretary Janet Yellen said a plan to ban European and U.K. firms from insuring tanker shipments of Russian oil could help limit Moscow's energy revenues as allied countries seek to curb revenues flowing to Moscow as the war in Ukraine continues.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

E&S/Specialty