Russia finds a way to avoid the risk of sanctions against Russian oil insurance companies

Russia has prepared measures that would allow oil companies to avoid consequences if Western countries ban insurance of Russian oil shipments by sea. The country is examining the possibility of cooperation with companies from friendly countries and the establishment of its own insurer. This was announced by Russian Energy Minister Nikolai Shulginov. He said:

"We are looking at the possibility of using a number of local insurance companies from friendly countries. Another possibility is to set up a new insurance company, but then we need mutual recognition of this organization by the countries."

Shulginov explained that this could also include the establishment of such a company in Russia.