An EU ban on insurance and financing for tankers that carry Russian oil come winter will make it near impossible for many shippers to move this oil.Moscow and friends could try to assemble a fleet of non-Western tankers, which could perhaps handle much of Russia’s crude, but not the refined products.The EU is discussing a possible loophole, in which tankers could carry Russian oil if bought at a discount under a potential US-backed "price cap" — but traders still see a supply crunch in the making. Save for later Print Download Share LinkedIn Twitter An EU shipping insurance ban is creating a huge obstacle to export Russian crude oil and refined products a couple months from now. This could create massive price spikes for oil worldwide, on top of expensive natural gas. Under the ban, Russia’s total 5 million barrels per day of seaborne fuel exports — 3 million b/d of crude oil and 2 million b/d refined products — must be shipped on tankers without any ties to EU insurance and financing. But the bulk of the world’s fleet has ties to the EU — and UK — banks, brokers and insurers. Brokers say there won’t be enough tankers to handle Russia’s oil.