Reuters names new chief reinsurer of Russian tankers

RNPK has become the key reinsurer of Russian tankers, REUTERS reported. Earlier, the EU banned the insurance and reinsurance of shipping Russian oilto third countries and, according to the FT,agreed this ban with Britain

The Russian National Reinsurance Company (RNRC) has become the main reinsurer for Russian vessels, including Sovcomflot tankers, following the imposition of Western sanctions, sources told Reuters.

They suggested that the guarantees provided by RNPK to Russian insurers would be enough to keep Russian tankers operating without the involvement of Western companies that are not ready to work with RUSSIA.

“The increase in the guaranteed capital of the RNPK (up to 750 billion rubles, which was announced by the Central Bank in March -) will expand the capabilities of Russian insurers in the field of reinsurance of risks within Russia and management of new sanctions risks,” the agency’s source said.

At the same time, another Reuters interlocutor suggested that RNPK funds could be quickly exhausted, since the scope of the company's activities is not limited to the shipping sector.

Why the ban on insurance of tankers with Russian oil is dangerous Economics

On June 3, the European Union approved the sixth package of sanctions against Russia. In addition to the partial oil embargo, it included a ban on insurance and reinsurance of maritime transportation of Russian oil and oil products to third countries.

As reported by the Financial Times, the European Union agreed on this ban with the UK. The G7 countries are also considering the possibility of its introduction, but such measures will not come into force in the next six months, the newspaper writes.

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At the same time, the UK is a leading player in both mutual insurance (P&I) and ship insurance (H&M). The International Group of P&I Clubs, or IG P&I, is based in London, and seven of its 13 associated clubs are also based in the British capital. According to IG P&I, its members provide coverage for 90% of the world's tonnage of sea vessels. Also in London is Lloyd's of London, an insurance and reinsurance market.

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