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Sovcomflot Insures Fleet With Russian Insurers

ENERGY

Russia's state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules according to its chief executive over the weekend. The company is dealing with high levels of demand for Russian crude, despite sanctions.

  • "Currently, the company's fleet is almost fully busy in shipping hydrocarbons, cargoes delivered to different parts of the world." CEO Igor Tonkovidov said.
  • Western insurers halted insurance cover for Sovcomflot when it was hit by sanctions after the invasion of Ukraine.
  • Russian National Reinsurance Company has become the main reinsurer of Russian ships, including Sovcomflot's fleet according to news reports.

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