Sovcomflot’s fleet is fully insured by Russian insurers, according to its CEO

• Sovcomflot is a key shipper of Russian oil and liquefied natural gas (LNG) cargoes globally.
• Western insurers halted insurance cover for Russia’s biggest shipping group hit by sanctions.
•  Russian replacement cover would likely be enough to keep Russian vessels sailing.
• “Technically, we meet all international trade requirements,” CEO Igor Tonkovidov told reporters.
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Russia’s state-run Sovcomflot has safeguarded all its freight ships with Russian safety net insurers and the cover meets global standards, the CEO said, after Western backup plans pulled out of cover.

Western safety net providers ended protection cover for Russia’s greatest delivery bunch when Sovcomflot was hit by sanctions after Moscow sent troops across the boundary into Ukraine.

Sources let Reuters know this month that state-controlled Russian National Reinsurance Company had turned into the principal reinsurer of Russian boats, including Sovcomflot’s armada.

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“In fact, we meet all global exchange prerequisites,” CEO Igor Tonkovidov told columnists. “At present, the organization’s armada is completely bustling in delivery hydrocarbons, cargoes are conveyed to various regions of the planet.”

Sovcomflot is a critical transporter of Russian oil and condensed flammable gas (LNG) cargoes worldwide.

Western protection sources have said the Russian substitution cover would probably be sufficient to keep Russian vessels cruising all over the planet.