November 29, 2022 10:44 GMT
China Does Not Recognise Russian Vessel Insurance Cover
Chinese authorities do not recognise vessel insurance coverage issued by Russia’s National Reinsurance Co, Interfax citing Russia’s Deputy Transport Minister Aleksandr Poshivay.
- China and Western nations do not accept Russian insurance certificates.
- The Russian transport Ministry has been urging China to accept the insurance coverage.
- Russian insurance coverage is fully in line with international standards and the reinsurance is guaranteed by the Russian Finance Ministry and the Central Bank, according to Poshivay.
- Turkey does accept the Russian cover, and India does in most cases.
- Under the G7/EU plans from 5 Dec, transactions involving banks, insurance and shipowners from the EU will be banned unless involving cargoes purchased below the yet to decided price cap.