Ingosstrakh, a Moscow-based insurer, provides coverage that is essential for its shipping clients to enter ports around the world. But the contractual fine print includes a “sanctions exclusion clause”, which would invalidate claims involving most tankers moving Russian oil.
The Russian dark fleet’s insurance arrangements with Ingosstrakh potentially expose coastal states in Europe and Asia to huge potential clean-up costs in the event of a spill.
Craig Kennedy, a Russian oil expert at Harvard, said that many coastal states are not using their full rights under maritime law to protect themselves against underinsured vessels. “If there’s a spill, voters will demand to know why their governments didn’t do more.”
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