Insurers are set to be at the centre of a so-called “call to action” likely to be launched by both the UK and a host of European nations later this week.
The goal is to target what has been dubbed a “shadow fleet” of Russian oil tankers that have been able to get around international sanctions.
According to a Bloomberg report based on documents seen, the plan will be implemented on Thursday and led by Prime Minister Keir Starmer – the aim will be to share information on the Russian fleet and “coordinate responses” to the potential risks posed.
It is expected that officials will meet as a group to take “concrete measures” as they look to make it harder for Russia to profit from its oil resources. Sanctions have already seen access cut off to mainstream tankers, as well as service providers, unless the oil is moved below a G7 price cap. That has prompted Moscow to turn to older carriers that operate outside of the usual norms.
“Russia’s ‘shadow fleet’ poses a threat to our nations and others who depend on the world’s seas and oceans,” the document currently states. “Many ships in this ‘shadow fleet’ are uninsured and poorly maintained. Many engage in activities which violate basic safety and environmental standards and regulations.”
Based on this, more Russian vessels could be sanctioned.
There have been signs that some existing sanctions have proven effective in disrupting the transportation of oil. There have been around 50 vessels sanctioned since late last year and the majority have failed to load future cargoes.
Now, the idea is that port states will be called on to ensure rules are enforced – including the need for valid insurance certificates.
In the statement, the marine insurance industry, along with ship brokers and other marine stakeholders, are urged to ensure their obligations are met – and to give their backing to “the prevention, detection and reporting” of these ‘shadow fleets’.
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