EU Flip-Flop on Russian Coal Sanctions Brings Uncertainty to Oil

A U-turn by the European Union that’s allowing Russian coal to move more freely has led to uncertainty in insurance and shipping markets about whether a key part of the bloc’s oil sanctions could also be watered down.

The EU published new guidance this week saying that the transfer of coal and fertilizer to countries outside the bloc is now allowed, citing energy security concerns. That followed an intervention in August that surprised insurers and shipwowners because it had indicated a full prohibition on Russian coal shipments.