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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.

The U.S. has already outlawed imports of Russian oil and the European Union has agreed to prohibit seaborne imports of Russian crude in six months. On top of that, the bloc has worked toward coordinating with some Group of Seven members on a ban on the insurance services needed to ship Russian oil anywhere in the world.

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