Thu. May 23rd, 2024

Indian agency deprives insurance of Russian oil tankers subject to US sanctions

Natasha Kumar By Natasha Kumar May14,2024

The Indian agency has revoked insurance for Russian oil tankers subject to US sanctions

Indian Certification Agency vessels revoked insurance issued to Russian oil tankers subject to US sanctions, according to the agency's website, and instead the vessels turned to a domestic Russian supplier, Reuters reports.

The world's biggest insurers and ship engine makers have already withdrawn insurance for the Russian tanker fleet that Moscow relies on to support its oil trade after Washington and its allies, including the EU, imposed a raft of sanctions over the February 2022 invasion of Ukraine.< /p>

Indian Register of Ships (IRClass), one of the world's leading ship certifiers that form the International Association of Classification Societies (IACS), has become one of the providers of safety certification services for Russian ships over the past two years.

< p>However, in February, after adding Russian shipping giant Sovcomflot to the sanctions list, the US Treasury Department's Office of Foreign Assets Control also sanctioned 14 vessels that were certified by IRClass.

According to information on the IRClass website, two of the 14 vessels – NS Consul and NS Creation – are still certified, while the remaining 12 vessels have had their insurance removed.

These 12 vessels have been transferred to the Russian Maritime Register of Shipping (RMRS) since April, according to the IRClass website.

IACS revoked RSClass's membership in March 2022. Lack of an IACS certificate may make it difficult to enter some ports, including in India, even with other certificates.

Most tankers, some of which have changed names after losing their IRClass certificate, are currently anchored or en route to Russian ports, including Nakhodka and Vladivostok in Asia, and Ust-Luga and Novorossiysk in the Black Sea, ship tracking data on LSEG shows.

Prepared by: Sergey Daga

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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