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World’s Top Shipping Register Removes Sanctioned Russian Insurer

The Liberia Register, which has about 16% of the world's vessels by capacity flying Liberia's flag, has withdrawn authorization to Russia's Ingosstrakh Insurance Company to issue documents that allow ships to enter ports.

Liberia Maritime Authority has issued an advisory to inform shipowners and operators that the insurance company Ingosstrakh Insurance Company is no longer authorized to issue certificates of insurance (blue cards) to any Liberian flagged vessel.  

The so-called blue cards are essential for ships to be able to call at ports as they provide proof of insurance against various risks including oil spills and collisions at sea.   

"Recognizing this inconvenience, Liberian flagged vessels currently with blue cards issued by the subject company are granted a grace period of 90 days from the date of this Marine Advisory," Liberia said.

Still, Liberia's move could be only a symbolic move because only three ships insured by Ingosstrakh are flying Liberian flags and none is an oil tanker, per a database maintained for the International Maritime Organization (IMO), cited by Bloomberg.

Ingosstrakh was one of the companies sanctioned last week by the UK alongside vessels identified as being part of the "shadow fleet" and six companies operating in or supporting the Russian LNG sector.

The West is looking at ways to curb the growing activities of the shadow fleet carrying Russian oil and has been on a mission to clamp down on the dark fleet.

Denmark, other Baltic Sea countries, and allies from the European Union are considering ways to limit the volume of Russian oil transported on the so-called dark fleet in the Baltic Sea and the Danish straits, Denmark's Foreign Minister Lars Lokke Rasmussen told Reuters on Monday.  

Denmark has been concerned that the old and potentially uninsured tankers of the growing dark fleet could cause an environmental disaster in its waters through which Russia's oil from its Baltic Sea ports passes en route to the Atlantic.

By Charles Kennedy for Oilprice.com

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Comments

  • Mamdouh Salameh - 17th Jun 2024 at 12:40pm:
    No doubt done under pressure from the United States. However, Russia has been highly successful in overcoming Western sanctions.

    While Western sanctions are aimed at crippling the Russian economy and undermining Russian energy exports, for Russia they have become an incentive for growth, innovation and success.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
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