Ingosstrakh News

India Widens Approvals for Russian Insurers After Oil Sanctions

India widened backing for Russian insurers as the largest buyer of Moscow’s seaborne crude strives to keep discounted barrels flowing, after the US imposed fresh sanctions earlier this month. As well as extending approvals for some sanctioned providers, India’s Directorate …

Russian Insurer Says US Sanctions Against it Increase Risk of Environmental Disaster

Russian insurance company Ingosstrakh said on Friday [Jan. 10] that U.S. sanctions against it would increase the risk of environmental disasters. The Biden administration on Friday imposed its broadest package of sanctions yet targeting Russia’s oil and gas revenues in …

The Secretive World of Russian Oil Tanker Insurance Revealed

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 …

Russian Insurers Play Growing Role in Facilitating Oil Exports to Top Buyer India

Russian insurers are playing a growing role facilitating the country’s oil shipments to India, its biggest buyer, data obtained from trade and shipping sources shows, helping to protect Moscow’s export revenue despite western sanctions. Russian firms provided insurance cover for …

Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions

Transfers of oil at sea that involve a recently sanctioned Russian insurer may prevent western firms from paying claims if something goes wrong, a key provider of cover said. Moscow-based Ingosstrakh PJSC has emerged of a major insurer to Russian …

Top Shipping Flag Cuts Approval for Sanctioned Russian Insurer

The world’s largest shipping register withdrew its approval for Russia’s Ingosstrakh Insurance Co. to provide a key document enabling ships to enter ports. The Liberian Register — under whose flag 16% of the world’s ships by capacity sail — said …

Russia’s Ingosstrakh Weighs Legal Action After UK Sanctions

Russia’s Ingosstrakh said on Friday it may challenge UK sanctions in court and was seeking clarification about the measures imposed on the country’s leading insurer that the British government announced on Thursday. Ingosstrakh, which provides services to Russian oil exporters …

EU Weighs Proposal to Sanction Russian Oil Tanker Insurer Ingosstrakh

The European Union’s executive arm is examining the feasibility of a proposal by one of its member states to sanction Russia’s Ingosstrakh Insurance Co., as part of efforts to choke revenue generating streams that Moscow needs to finance its war …

Russia Still Uses Western Insurance for Half of Tanker Fleet That Exports Its Oil

Russia still relies on Western insurers to cover more than half of the tanker fleet that exports its oil, according to data compiled by Bloomberg, and the country’s energy officials are voicing concerns about the situation. The Group of Seven …

Could G-7 Sanctions Against Russia Have Unintended Insurance Consequences?

The G-7 sanctions on Russian oil, which include a $60 per barrel price cap and restrictions on key services such as insurance, may have unintended consequences, according to a maritime insurance specialist. One of those consequences is the creation of …