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business17h ago
Russian shadow fleet enabled by EU-linked insurers, investigators say
- EU-linked insurers are reportedly backing insurance for Russia's shadow fleet despite sanctions.
- Analysts say there are about 1,700 ships involved, all needing insurance each voyage.
- Experts warn liability exposure could reach billions and may return to European markets.
- Brussels aims to tighten sanctions but faces complexities in cutting offshore insurance links.
- EU leaders plan to discuss the latest sanctions package at a June summit in Brussels.
- Analysts describe the system as regulatory arbitrage using weak oversight jurisdictions.
- Officials say the shadow fleet supports Russia’s wartime revenue from oil.
- Experts warn the fleet poses growing environmental risks due to aging ships and opaque insurance.
- The investigation cites cooperation between journalists and analysts like Michelle Wiese Bockmann.
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