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Russia’s Ingosstrakh does not offer oil insurance to new customers



(Reuters) — Russian insurer Ingosstrakh said on Monday it has no plans to offer insurance to new customers who may lose coverage from international insurers after restrictions on Russian oil took effect on Dec. 5.

The European Union banned all seaborne Russian crude imports from that date, with a fuel import ban to follow in February.

It also banned companies and individuals in the bloc from providing financing, brokerage, shipping and insurance services to ship Russian oil elsewhere if the crude was bought above a price ceiling of $60 a barrel.

In addition, Turkey’s maritime authority said on Thursday it would continue to block the passage of oil tankers without proper insurance certificates, adding that the insurance checks on ships in its waters were a routine procedure.

“We are not willing and will not provide short-term P&I (protection and indemnity) cover for vessels caught by the new Turkish regulations at the mouth of the Bosphorus,”

; Ingosstrakh said.

It also said the company was interested in “long-term relationships with reputable clients that operate in full compliance with applicable law.”

The Turkish measure in force since the beginning of the month has caused shipping delays. It requires ships to provide proof of insurance covering the duration of their transit through the Bosphorus or when calling at Turkish ports.

Since the regulations came into force, a tanker covered by Ingosstrakh could sail after a letter was submitted.


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