Liberia Revokes Ingosstrakh’s Authorization for Essential Ship Insurance Cover

The world’s largest shipping register, Liberia, has revoked Russia’s Ingosstrakh Insurance Co.’s authorization to issue essential blue cards for ships entering ports. These blue cards provide insurance cover against risks like oil spills and collisions. Last week, Britain imposed sanctions on Ingosstrakh as part of broader G7 measures against Russia due to the ongoing war in Ukraine. The company has become a major provider of spill and collision cover for Russian oil exports, displacing Western companies.

While only three Ingosstrakh ships fly the Liberian flag, and none of them are oil tankers according to the International Maritime Organization, the move by Liberia reinforces the global divide in the shipping fleet that can serve Russia. Vessels with Ingosstrakh cover will be granted a 90-day grace period to comply with the new regulations. The Liberian registry, despite its name, is actually based in the United States and is a common feature in the international shipping industry, establishing rules for ships to follow in order to fly a particular country’s flag.

This decision by Liberia to revoke Ingosstrakh’s authorization has significant implications, highlighting the impact of broader sanctions against Russia. The move may have a symbolic value, but it underscores the growing restrictions faced by Russia in the shipping industry. With the EU also considering sanctions against the Russian tanker insurer, the situation highlights the increasing isolation faced by Russian companies in the global maritime sector.

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