Insurance from the West continues to cover Russian oil transport – reports

Western suppliers continue to ensure that tankers transport Russian oil, according to Reuters exclusively.

Data from traders and shippers seen by the news agency showed that West, headquartered in Luxembourg, was among five insurance companies that covered 10 such vessels. Gard of Norway and the American Club were also listed. According to a Reuters report, the ships carried oil from Russia to Asia in 2024.

It was noted that the American Club and West insured the Gioiosa and the Orion I, data showing that oil from Rosneft, the Russian state-owned oil company, was loaded in the Baltic region and taken to China.

The American Club confirmed that the Panamanian-flagged Gioiosa was on its insurance list, while West declined to comment on specific vessels. Gard, who covered a separate vessel, also chose not to comment on individual tankers.

According to the report, non-profit insurance companies expressed their obligations to their members, adding that they rely on letters of recommendation to ensure compliance with Western sanctions.

All three also stated that they will end the matter if it is found that the evidence is not good and the price of oil exceeds the G7 (Group of Seven) cap.

Meanwhile, a previous Bloomberg report cited a liquefied natural gas tanker that was thought to be falsifying its location while docked at a Russian gas concession. Its insurance is listed as “unknown” on the International Maritime Organization's website.

Bloomberg noted that the ship's tracking information points to the Barents Sea in northeastern Norway, far from the Arctic LNG 2 export facility where the US has imposed sanctions.

The satellite images, Bloomberg reports, do not show the vessel in the location indicated by the tracking system in what is common for shadow vessel movements.

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