Japanese companies will stop insurance against war risks of ships entering the waters of the Russian Federation
From January 1, 2023, Japanese companies will stop insuring ships entering all Russian waters against war risks.
The companies - Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance - started informing ship owners about their decision on December 23.
Such a step is caused by the refusal of foreign reinsurance companies to take on the risks associated with being in Russian waters.
At the same time, damage coverage will not be carried out in all waters - not only in the Azov and Black Seas, but also in the Far East and the entire Northern Sea Route.
Previously, shipowners had the opportunity to conclude an additional insurance contract against military risks while sailing in the waters of Russia and Ukraine. From next year, they will not have such an opportunity. At the same time, experts assume that LNG imports from the Russian Sakhalin-2 project may be affected by this decision.
It will be recalled that TTS wrote that since December 1, Turkey has closed the Bosphorus and Dardanelles straits for vessels carrying oil if they do not have insurance. The new rule came into force a few days before the launch of European sanctions against Russian oil. After the introduction of sanctions, Russian oil producers lost the opportunity to obtain insurance by transporting oil at a price higher than the established "ceiling".