China does not recognize Russian insurance for shipowners

China does not yet recognize insurance and reinsurance certificates issued to shipowners by domestic insurers. This was announced on November 29 by the Deputy Minister of Transport of Russia Alexander Poshivay. To solve the problem, the Russian side suggested that the Chinese authorities consider the issue of recognizing insurance certificates and reinsurance documents issued by Russian companies for the transportation of energy carriers, he explained.

In May, the UK and the EU agreed to a coordinated ban on insurance for ships carrying Russian oil. Vessels flying the Russian flag, which were denied insurance by Western companies (Zurich Insurance Group, Swiss Re, Allianz, Munich Re, Willis Towers Watson, etc.), were then insured by domestic insurers and reinsured by the Russian National Reinsurance Company (RNRC).