OREANDA-NEWS  From January 25, Japanese companies will raise the price of insurance for ships carrying liquefied natural gas (LNG) in the territorial waters of Russia by 80 percent. This became known to the Nikkei newspaper.

The sharp increase in the cost is explained by the fact that international reinsurers, who take on part of insurance payments, have increased the cost of premiums against the background of increased geopolitical risks due to the conflict in Ukraine. It may also push up fuel prices.

At the end of December, the publication reported that from January 1, 2023, the largest insurance companies in Japan will stop insuring ships navigating in the waters of Russia and Ukraine from military damage. Later, the government of the country appealed to insurers to continue servicing vessels in the territorial waters of Russia — Japan is concerned about the future supply of Russian LNG from the Sakhalin-2 project, which plays an important role in ensuring the country's energy security. As a result of negotiations, it was decided to continue insuring sea transportation of fuel in January 2023.

Against the background of the imposed Western sanctions prohibiting foreign companies from insuring Russian tankers, domestic shipowners have problems with sea transportation. Currently, Russian shipowners are trying to find new ways to insure tankers, in particular, they propose to create special marine clubs in Russia.