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- With courts and follow-up: authorities are preparing to create a national insurance company
With courts and follow-up: authorities are preparing to create a national insurance company
It is planned to create a national insurance company for Russian ships exporting raw materials in the Russian Federation. The measure is being worked out by the authorities as part of the preparation of a Strategy for the development of the Northern Sea Route and the Transarctic Transport Corridor until 2050, Izvestia learned. Currently, such global organizations refuse to insure Russian oil tankers. China, India and other partner countries can recognize a domestic company, experts say.
What is a national insurance company for?
The Russian Federation is preparing to create a national insurance company for Russian ships exporting raw materials. The measure is specified in the draft Strategy for the development of the Northern Sea Route and the Transarctic Transport Corridor until 2050, the document was reviewed by Izvestia. Andrey Chibis, Governor of the Murmansk Region and Chairman of the State Council Commission on the Northern Sea Route and the Arctic, sent the document to relevant departments for consideration.
This commission of the State Council participates in the work to determine the main directions of Russia's domestic and foreign policy and priorities for the socio-economic development of the state. In this regard, on behalf of Andrey Chibis, a collection of comments and suggestions from interested departments was organized, as well as an expert-analytical study of the draft strategy, the Ministry of Information Policy of the region told Izvestia. The information received is aimed at reviewing and finalizing the strategy to the Rosatom state Corporation, they said.
Izvestia sent inquiries to Rosatom, the Ministry of Regional Development, the Ministry of Energy and the government of the Murmansk Region.
In 2022, among the anti-Russian sanctions, Western countries imposed restrictions on insurance of domestic vessels carrying oil. G7 sanctions have banned Western insurers from providing such services to vessels that do not comply with the $60 per barrel ceiling for raw materials from the Russian Federation. In 2025, Western countries lowered the price ceiling to $47.6.
— After its introduction, Western companies have sharply reduced the volume of insurance for tankers carrying Russian oil. Although there was information that they offered their services at a time when the actual price of shipping raw materials was below the established price threshold of $ 60 per barrel. After lowering the ceiling from the EU to $47.6, the use of Western insurance has become even less likely," said Valery Andrianov, associate professor at the Financial University under the Government.
Western countries openly declare their intention to oust Russian companies from the maritime transportation system — as a result of the sanctions imposed, the Russian Federation was deprived of access to the international system of insurance, licensing and registration of ships, Nikolai Patrushev, Assistant to the President of the Russian Federation, Chairman of the Maritime Board, said in April 2025. A ban has been imposed on the visits and servicing of Russian vessels in a number of ports of unfriendly states, he noted.
On May 20, 2025, the EU Council adopted the 17th package of sanctions against the Russian Federation. The restrictive measures were primarily directed against the activities of the so-called shadow fleet, which, according to Brussels, is used to transport oil from Russia under the flags of various states. In particular, 189 tankers have been added to the list of vessels that are prohibited from entering the ports of EU member states.
Currently, the United Kingdom is considered the leading player in the field of mutual insurance (P&I) and ship insurance (H&M). The EU agreed with her to strengthen the European embargo on oil imports, prohibiting the insurance of fuel transportation from Russia around the world, the media reported. The International Group of Shipowners' Mutual Insurance Clubs (International Group of P&I Clubs, or IG P&I) is based in London. Its participants provide coverage for 90% of the global tonnage of marine vessels, according to IG P&I.
— The creation of a national insurance company to cover risks in the export of raw materials looks like a logical step in the face of sanctions and restrictions from Western companies. Today, international P&I clubs and major insurance organizations really refuse to work with Russian oil tankers," said Yaroslav Kabakov, Director of Strategy at Finam.
The emergence of a state-owned insurer with sufficient capitalization and support from the authorities would allow the Russian Federation to provide insurance coverage for supplies, especially within the framework of the Northern Sea Route and the Transarctic Corridor.
Which countries can recognize a national insurance company
The recognition of the policies of the Russian national insurance company at the international level remains questionable, said Dmitry Gusev, Deputy Chairman of the Supervisory Board of the Reliable Partner Association. Ports require insurance coverage from reputable P&I clubs, so the Russian organization will first need to receive recognition from friendly partners. And preferably before the start of creation — in this case, intergovernmental agreements on mutual recognition of insurance companies would be useful, the expert notes.
It can be assumed that China and India, as well as Turkey, can primarily recognize the Russian national insurance company, said Alexander Frolov, deputy director of the Institute of National Energy. In addition, a domestic structure could provide such services to enterprises from other sanctioned countries that actively trade with China, the expert added.
At the same time, Valery Andrianov believes that after the creation of the national insurance company, it may be sanctioned.
— After all, Ingosstrakh and AlfaStrakhovanie were included in the EU sanctions lists in early 2025 precisely under the pretext that they ensure the activities of the Russian oil industry. But Western sanctions do not apply to those countries that do not recognize them, that is, to the main buyers of Russian raw materials," the expert notes.
According to him, in this case, nothing will prevent these states from recognizing the insurance of the new structure.
At the same time, according to Valery Andrianov, the creation of a national insurance company would be of strategic importance. In the field of marine transportation of oil and many other cargoes, a system of dominance of organizations included in the so-called Lloyd's Register has developed. According to the expert, it was this circumstance that allowed the West to impose a ceiling on Russian oil prices, with the expectation that, having lost access to international insurance services, the Russian Federation would be forced to lower its fuel prices and thereby incur losses.
Therefore, it is important to break this system of dominance, including by creating its own powerful Russian national insurance market player specializing in maritime transportation, the expert added.
The issue of insurance of ships carrying oil or petroleum products has always been and is of paramount importance, since the potential spill of such cargo has the highest risk of environmental disaster, said Yuri Stankevich, Deputy chairman of the State Duma Committee on Energy. Tankers carrying Russian oil have insurance guarantees either from our companies or organizations from friendly countries, he stressed.
The issue of the expediency of creating a national insurance company deserves a comprehensive discussion with market participants — the consolidation of services in the face of anti-Russian sanctions may increase attention to such a mega-insurer from unfriendly countries, he concluded.
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