Russian shipping News

Russian Oil Is Being Stored in Ghana as Pool of Buyers Shrinks

A cargo of Russian oil is heading for storage tanks in Ghana, a nation that exports crude itself and is on the doorstep of two regional supply powerhouses. The development suggests that traders could be scouring the market for new …

G-7 Eyes Cap on Price of Russian Oil via Insurance, Shipping Restrictions

Group of Seven nations are discussing a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping, according to people familiar with the matter. The potential mechanism would only allow the transportation of …

Sovcomflot’s Cargo Ships Fully Covered by Russian Insurers: CEO

Russia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers withdrew cover. Western insurers halted insurance cover for Russia’s biggest shipping group when Sovcomflot was …

Russia’s Sakhalin 1 Oil Operations Disrupted by Western Sanctions on Insurance: ONGC

Operations at Russia’s Sakhalin 1 oil project will continue to face disruptions for “a couple of months” as Western sanctions have hit insurance cover for ships to transport crude, according to India’s ONGC Videsh, a stakeholder. ONGC Videsh, the overseas …

Reuters: Russia’s State-Owned RNRC to Reinsure Russian Oil Shipments: Sources

State-controlled Russian National Reinsurance Company (RNRC) is now the main reinsurer of Russian ships, including Sovcomflot’s fleet, after Western insurance firms withdrew cover for Russian shipowners, three people familiar with the matter told Reuters. Insurance is essential for maritime transport, …

Insurance Ban on Russian Tankers Could Help Cut Moscow’s Energy Revenues: Yellen

U.S. Treasury Secretary Janet Yellen said a plan to ban European and UK firms from insuring tanker shipments of Russian oil could help limit Moscow’s energy revenues as allied countries seek to curb revenues flowing to Moscow. The U.S. has …

Removing Russian Sea Mines Near Key Ukraine Ports Could Take Months: U.N.

Removing sea mines near Ukraine’s key ports could take months, and hundreds of seafarers are still stranded in the region following Russia’s invasion of the country, according to the United Nations agency responsible for shipping safety. “Even if the ports …

EU Gives Final Nod to Sanctions Targeting Russia’s Oil, Insurance, Sberbank

BRUSSELS – The European Union on Thursday gave its final approval to new sanctions on Russian oil and top bank Sberbank, after much wrangling with Hungary, as punishment for Russian President Vladimir Putin’s Feb. 24 invasion of Ukraine. EU leaders, …

European Union Seeks to Coordinate Russian Oil Insurance Ban With G-7 Members

The European Union is working to coordinate a ban on providing the insurance services needed to ship Russian oil anywhere in the world with some Group of Seven members, according to people familiar with the matter, in a move that …

EU Poised to Approve Sanctions Against Russia, Covering Oil, Banks and Insurance

European Union ambassadors are set to approve a sixth package of sanctions over Moscow’s invasion of Ukraine, banning most Russian oil imports by year-end and restricting Russia’s ability to ship crude to countries worldwide. The sanctions would forbid the purchase …