Insurers saw the risk of the environment due to the "shadow fleet" of Russian oil

The newspaper writes that since last year, "several thousand" tankers have appeared on the market that operate without Western insurance. The Russian authorities have repeatedly indicated that Western sanctionsthat prohibit these insurances,illegal

The “shadow fleet” created to supply oil from RUSSIA, consisting of outdated and insured tankers, poses a danger to the environment and creates the risk of a large-scale oil spill. This was stated in a conversation with the Financial Times (FT) by Rolf Tore Roppestad, executive DIRECTOR of one of the largest tanker insurance companies Gard.

The newspaper recalls that since the beginning of the Russian military operation, "several thousand" tankers have appeared on the market, which operate without insurance for members of the International Group of Mutual Insurance Clubs. The group consists mainly of European and American insurers, including Gard, which previously covered up to 90% of the world's shipping.

According to Roppestad, the "shadow fleet" being created to supply Russian oil is not accountable to Western structures and poses a danger to the environment. “This is a social and environmental disaster waiting in the wings and should be of great concern to all of us,” said the HEAD of the Gard.

He added that the risk of a possible environmental catastrophe will only increase, as more and more ships cease to be responsible for a possible fuel spill after the accident and its consequences. In his opinion, smaller insurers may not be able to cope with the consequences of such spills.

After the start of the Russian special operation in Ukraine, Western countries banned ships under the Russian flag from entering their ports, and also banned the sea EXPORT of Russian-made oil. At the same time, the EU and Britain have banned insuring, financing and providing vessels for the transport of Russian oil, except in cases where the cost of supplies is below the limit set at $60 per barrel. Russia, in response, banned the sale of oil to those individuals and organizations whose contracts include a price limit.

Supplies of oil and oil products from Russia to the G7 countries and the EU in 2021 amounted to 214.7 million tons for a total of $109.5 billion. This is 68–70% of the total export of these goods to the world market.

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Russian authorities criticize Western sanctions and call them illegal. Deputy Prime Minister Alexander Novak said earlier that Russia in 2022 redirected significant volumes of oil to Asian markets, in particular to CHINA and India. “If we take, for example, oil supplies to India, they increased 22 times last year. Deliveries to China and other markets have grown, and this is also the result of the great work that has been done in the industry,” he said.

BLOOMBERG wrote about the creation of a “shadow fleet” by Russia at the end of October. Experts interviewed by the agency pointed to an increased number of purchases of ships by unnamed buyers. Russia has purchased 240 large and small vessels, which were exporting Iranian and Venezuelan oil last year, according to the Braemer analytical company. FT reported about a hundred tankers of the Russian "shadow fleet".