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China Does Not Recognise Russian Vessel Insurance Cover

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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.
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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.