The shadow fleet tanker Turbo Voyager transits through the Great Belt of Denmark off the coast of Agerso, Denmark, in August.
Photographer: Carsten Snejbjerg/BloombergOne of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill.
The answer is that while some are still covered by the western businesses they’ve always used, owners are increasingly turning to Russian providers backstopped by a heavily sanctioned, state-backed reinsurer. In some cases, there are insurers in locations including Cameroon and Kyrgyzstan.