Brussels - (dpa) - Informed sources said that the European Union is seeking to coordinate with the Group of Seven major industrialized countries to impose a ban on providing the insurance services required to ship Russian crude oil to anywhere in the world, in a move aimed at limiting Russian oil exports and limiting Moscow's financial flows and its ability to finance its war against Ukraine.

Bloomberg news agency quoted the sources as saying that the Commission, the executive arm of the European Union, is in talks with Britain as part of efforts to ban Russian oil exports.

It is expected that the governments of the European Union will approve the sixth package of sanctions against Russia because of the invasion of Ukraine. This package will include imposing a ban on financing and mediation services, and technical and financial assistance to the Russian oil sector, which will be implemented six months after the approval of the sanctions package.

Bloomberg reported that the application of this ban on insurance services could dramatically reduce Moscow's ability to finance President Putin's war in Ukraine. About 95% of oil tankers in the world obtain insurance services through an insurance organization called "International Group of P&I Clubs" based in London and subject to European laws.

Without access to insurance services, Russian oil tankers will have to find alternatives to cover the risks arising from their activities, such as oil spills or strandings during voyages, which lead to billions of dollars in compensation claims.

The 27 European Union nations agreed yesterday to ban two-thirds of Russian oil imports and to provide up to 9 billion euros ($9.7 billion) in financial aid to Ukraine, European Council President Charles Michel announced on Twitter.

Oil imports by sea will be halted by the end of the year, diplomatic sources confirmed to the dpa news agency. These imports make up two-thirds of all oil imports from Russia into the European Union.

Germany and Poland said they would gradually reduce pipeline oil imports voluntarily, which means Russian oil imports could drop by up to 90%, according to an EU official.

Hungary has rejected a full oil embargo, which was first proposed nearly four weeks ago, and has also been criticized by other landlocked countries in central Europe for its heavy reliance on pipeline oil imports from Russia.