Sovcomflot fleet fully covered by Russian insurers, CEO says

Western insurers halted insurance cover for Russia's biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine.

Moscow – Russia's state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers with drew cover.

Western insurers halted insurance cover for Russia's biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine. Sources told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships, including Sovcomflot's fleet.

"Technically, we meet all international trade requirements,"CEO Igor Tonkovidov told reporters. "Currently, the company'sfleet is almost fully busy in shipping hydrocarbons, cargoes aredelivered to different parts of the world." Sovcomflot is a key shipper of Russian oil and liquefiednatural gas (LNG) cargoes globally. Western insurance sources have said the Russian replacementcover would likely be enough to keep Russian vessels sailingaround the world. 

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