Sanctions imposed on Russia have dramatically altered the maritime insurance landscape, struggling against the backdrop of geopolitical tensions and the invasion of Ukraine. The United States and allies enforced a price cap on Russian oil, limiting revenue while leading to the emergence of a rogue 'shadow fleet' of aging tankers. Traditional insurers are largely withdrawing from this sector due to compliance risks, and as they exit, less reputable insurers are stepping in, raising concerns about the reliability and adequacy of coverage for these vessels.
The geopolitical landscape, particularly the sanctions imposed on Russia following its invasion of Ukraine, has introduced unprecedented challenges to this essential sector.
In response, Russia orchestrated the development of a 'shadow fleet'-a clandestine armada of aging tankers operating under opaque ownership structures.
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