EU weighs proposal to sanction Russian tanker insurer Ingosstrakh

The European Union is considering a member state's proposal to sanction Ingosstrakh, Russia's main provider of cover for tankers carrying Russian oil, Bloomberg reports. Ingosstrakh supplies protection and indemnity insurance to ships moving Russian crude after Western insurers withdrew following the G7 price cap. Members of the International Group of P&I Clubs covered only 16% of Russian oil tankers in April, the lowest share since early 2023, according to the report. The idea is at an early stage and is not in current draft packages; Hungary and others oppose energy sanctions, which require unanimity. Ingosstrakh said its P&I policies contain a sanctions exclusion clause.

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