KIEV: The European Union may introduce an insurance ban for ships carrying Russian oil, Andriy Yermak, Head of the Office of the President of Ukraine has said.

"According to the data from Wall Street Journal, this will be part of the sixth sanctions package. This ban is one of the most serious financial instruments of the EU's influence that the bloc has at its disposal to harm the Russian economy. Now it will be difficult for Russia to sell its oil to Asia, as European companies insure most of the world's oil trade," Yermak wrote on Telegram.