Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions

Transfers of oil at sea that involve a recently-sanctioned Russian insurer may prevent western firms from paying claims if something goes wrong, a key provider of cover said.

Moscow-based Ingosstrakh PJSC has emerged of a major insurer to Russian oil-carrying vessels, but was sanctioned by the British government last month.

Those measures could constrain the ability of UK-based insurers to pay out in the event of a spill, particularly if one were to happen when oil was being transferred between two ships, West of England P&I Club said in a notice on its website. West said it would considered a ...