sanctions News

Russian Oil’s Achilles’ Heel: Insurance

LONDON/NEW DELHI/TOKYO —Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by …

Sanctions Tighten Screws on Russia’s Sovcomflot as Ship Insurers Cut Cover

LONDON –– Western ship insurers are terminating cover for Russia’s leading shipping company Sovcomflot as multiple sanctions start to bite, companies involved say, adding to the growing challenges for the state-owned company and Moscow’s efforts to export oil and gas. …

Exxon Declares Force Majeure on Russian Sakhalin-1 Operations

Exxon Mobil Corp. said on Wednesday that its Russian unit Exxon Neftegas Ltd has declared force majeure for its Sakhalin-1 operations, where it has become increasingly difficult to ship crude due to sanctions on Russia. The Sakhalin-1 project produces Russian …

As Russia Faces Potential Default, Investors Weigh Legal Options

NEW YORK/LONDON –– As Russia teeters on the brink of a historic default, foreign investors in the country’s debt have few palatable options to recover their money: bet on costly legal action, trust bilateral agreements will stand, or sit on …

Air Lease Says 21 Jets Stranded in Russia

Air Lease Corp. said on Tuesday it has 21 jets remaining in sanctions-hit Russia, two weeks after a Western deadline for global leasing firms to sever ties with the country’s airlines. All of the company’s aircraft leases to Russian airline …

S&P Global Says Russia-Ukraine Insurance Losses Could Reach $35 Billion

LONDON — S&P Global sees losses in the speciality insurance market of $16-35 billion from the Russia-Ukraine conflict, the ratings agency said on Thursday. This includes possible aviation insurance losses totalling $6-15 billion, S&P said in a report. Other speciality …

Lessor AerCap Lodges $3.5B Claim for Seized Russian Aircraft

DUBLIN –– The world’s top aircraft lessor AerCap has submitted a $3.5 billion insurance claim for more than 100 jets stuck in Russia following its invasion of Ukraine, setting the stage for a lengthy legal wrangle between lessors and insurers. …

Russian Tankers Going Dark Raises Flags on Sanctions Evasion

Russian tankers carrying oil chemicals and oil products are increasingly concealing their movements, a phenomenon that some maritime experts warn could signal attempts to evade unprecedented sanctions prompted by the invasion of Ukraine. In the week ended March 25, there …

Hard Landing: Lessors Lose Hope of Getting Russian Planes Back

As the clock runs down to Monday’s sanctions deadline for Russian airlines to hand back more than 400 leased planes worth almost $10 billion, foreign lessors are fast losing hope that they will get their aircraft back. Most of the …

Lloyd’s of London Sees Major Claims this Year from Ukraine Conflict

Lloyd’s of London faces major claims this year from the conflict in Ukraine, but this will not create solvency difficulties, the commercial insurance market said on Thursday. Lloyd’s is talking to its market partners to understand their exposure related to …