The Secretive World of Russian Oil Tanker Insurance Revealed
- Insurers from Cameroon, Kyrgyzstan among firms covering fleet
- Western sanctions have forced tankers to operate in secret
The shadow fleet tanker Turbo Voyager transits through the Great Belt of Denmark off the coast of Agerso, Denmark, in August.
Photographer: Carsten Snejbjerg/BloombergThis article is for subscribers only.
One of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill.
The answer is that while some are still covered by the western businesses they’ve always used, owners are increasingly turning to Russian providers backstopped by a heavily sanctioned, state-backed reinsurer. In some cases, there are insurers in locations including Cameroon and Kyrgyzstan.