Russia’s Sovcomflot has insured all its cargo ships with Russian insurance companies with this coverage in line with international rules, the company’s chief executive said after the coverage was withdrawn by Western insurance companies, according to Reuters.
Western insurers stopped insurance coverage of Russia’s largest shipping group when Sovcomflot was hit by sanctions following the Russian invasion of Ukraine.
Company sources told Reuters this month that the state-controlled Russian National Reinsurance Company (RNRC) had become the main reinsurer of Russian ships, including Sovcomflot’s fleet.
“Technically, we meet all the requirements of international trade,” Igor Tonkovidov, chief executive, told reporters. “Currently, the company’s fleet is almost completely busy transporting hydrocarbons, cargo is being delivered to various parts of the world.”
Sovcomflot is a major global shipper of Russian oil and liquefied natural gas (LNG) cargo.
Western sources have said that Russian insurance coverage will probably be enough to keep Russian ships sailing around the world.
Source: Capital
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