January 28, 2023

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China Closes Ports to Russian Ships, From Insurance Center to Isolation: Here’s What’s Going On

problems in China For Russian exporters: the state refuses to recognize insurance Navy From He flies. This was reported by the Moscow Times. This was stated by Deputy Transport Minister Yuri Boshevay on Tuesday during the Fourth Russia-China Forum on Energy Economy. With a large percentage of global insurance companies no longer working with Russian companies, exporters are now beginning to rely on local insurance companies. But the documents are not recognized in Chinese ports.

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Minister Boushevay emphasized that an agreement has been reached with Turkey and India: Turkey recognizes Russian insurance, while Indian companies partially recognize it. The most consistent problems are with Chinese importers and are expected to become more and more serious. One solution could be to use Chinese insurance, though it is unclear whether the country is willing to provide this service, given the specter of Western sanctions.

“Insurance services in West Germany are no longer available to Russian ships. According to established practice, these services have always been provided by European and American companies,” Boshifaye complained. The cost of transportation has also increased greatly. And the situation is set to get worse for Moscow: The next set of EU sanctions should take effect on December 5, which include a cap on the price of Russian oil and a ban on insurance services for tankers carrying goods above the limit.

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