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London marine insurers label all Russian waters high risk

Source: reuters.com

 

London’s marine insurance market on Monday added all of Russia’s waters to its list of areas deemed high risk, an advisory showed, which is likely to raise the cost of shipping and adds to the logistical pressures on Moscow.

Guidance from the Joint War Committee, which comprises syndicate members from the Lloyd’s Market Association (LMA) and representatives from the London insurance company market, is watched closely and influences underwriters’ considerations over insurance premiums.

 

Viaje, Cargador, Puente De Barco, En El Lago

 

Russia relies on its Baltic and Black Sea ports for oil and grains exports, which are significant foreign currency earners. Other terminals, such as Kozmino in Asia, are needed for Russian exports to that region. 

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