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.
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