• Insurers from Cameroon, Kyrgyzstan among firms covering fleet
• Western sanctions have forced tankers to operate in secret
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.
