Ingosstrakh began to revise the terms of shipowners' liability insurance
It is connected with the adoption of the tenth package of sanctions against Russia
After the EU agreed the 10th package of sanctions against Russia, Ingosstrakh began to revise the terms of shipowners' liability insurance contracts (P&I). The revision may affect both new and existing contracts, the company told Interfax.
According to the statement, the working conditions in the international market have become much more complicated, but the company is trying to maintain its relations with the foreign partners. Therefore, it is carefully studying new restrictions that may affect the ability to continue to work in the international market.
It should be noted that before the EU announced its decision on the yet another package of sanctions, European media used to mention Ingosstrakh among companies that can be covered by restrictions together with Russian National Reinsurance Company (RNRC, subsidiary of the Central Bank of Russia).
RNRC has remained the main reinsurance partner for Russian insurers since the spring of 2022 after the withdrawal of international reinsurers from the Russian market. The introduction of a new package of EU sanctions may require additional adjustment of RNPK work with Russian insurers. Ingosstrakh says that the revision of the terms is needed not because of the specific sanctions against RNPK, but due to the adoption of the tenth package of sanctions.
On 25 February 2023, the EU countries agreed the 10th package of sanctions against Russia. The sanction list was extended with 120 individuals and entities including Russian decision-makers, senior government officials and military leaders. Three Russian banks were added to the list of entities subject to the asset freeze and the prohibition to make funds and economic resources available. A third country shipping company, suspected of helping Russia circumvent sanctions on oil exports, was also listed. Additional export bans were also imposed on double-purpose technologies.
