John Whelan: Imminent EU ban on Russian oil shipments could cause havoc on world markets

Major shipping firms say the sanctions, without a cap below which Russian oil can be insured for shipping to non-EU countries, could paralyse global trade

An oil rig near Usinsk, 1,500km north east of Moscow. The ban on all oil imports by sea from Russia comes into effect just four weeks from now. File picture

Four weeks from now, the long-awaited EU ban on all oil imports by sea from Russia comes into effect, which means the one million barrels a day currently imported to the European Union will come to a shuddering halt.

The ban could potentially cause havoc on world oil markets, and potentially push up oil prices and threaten to stoke a new round of price inflation.