Twelve European countries are set to clamp down on tankers that move millions of barrels of Russian petroleum around the world — by asking to see how they’re protected against oil spills and other high-cost claims.
Nations including Denmark, Estonia, Norway and Sweden are to introduce checks on insurance policies of passing Russian tankers, according to people with knowledge of the matter. The plan is set to be announced later today. There has long been speculation that some vessels moving Russian oil and fuel are
either uninsured or under-insured against risks including cargo spills, heightening environmental concerns. This may help to bring some clarity to the situation.
The involvement of Copenhagen is important because the Danish shipping straits are a critical trade artery through which Russian oil has flowed largely unrestrained since the start of the war in Ukraine. The value of the crude oil and fuels passing through this year is about $60 billion, vessel tracking data compiled by Bloomberg and prices from Argus Media show. That equates to roughly 40% of the total amount of Russia’s seaborne petroleum exports flows.
The 12 countries supporting the move are Denmark, Estonia, Finland, Lithuania, the Netherlands, Norway, Poland, Sweden and the UK, according to a person familiar with the plan. Governments in some countries will task their maritime authorities to request relevant proof of insurance from suspected shadow fleet vessels passing the English Channel, the Danish straits, the sound between Denmark and Sweden, as well as the Gulf of Finland.
The move coincides with a widening of the EU’s sanctions net on tankers moving Russian oil around the world. The bloc
designated dozens more oil carriers on Monday, having previously listed 17.
yle.fi
