Despite Putin’s atrocities in Ukraine, insurers enable the export of 40 million barrels of Russian oil

Global Witness reports that between February 24 and March 21, 2022, over 360 ships carrying approximately 39.3 million barrels of crude oil, 7.52 million barrels of fuel oil, 473,000 tonnes of LNG, and 2.82 million tonnes of coal from Russian ports were insured by members of the International Group of P&I Clubs (IGP&I). The document asserts that this insurance, required by EU law and international conventions, facilitates the trade of 'conflict fuel' that funds Russia's war in Ukraine. While the IGP&I acknowledges that collective withdrawal of cover could have an 'immediate effect' on volumes, it claims this would only cause a 'limited short-term hiatus' as owners might seek alternative insurance. Only one club, Gard, responded to inquiries about excluding such shipowners, arguing that withdrawing protection could expose 'innocent third parties to risks'.

• Between 24 February and 21 March 2022, more than 360 ships transported significant quantities of Russian fossil fuels, including 39.3 million barrels of crude oil, 7.52 million barrels of fuel oil, 473,000 tonnes of liquefied natural gas, and 2.82 million tonnes of coal.
• The vessels transporting these Russian fossil fuels were insured by members of the International Group of P&I Clubs (IGP&I), which provides liability cover for 90% of the world's seaborne cargo and is required by international conventions and EU law.
• The IGP&I stated that while collectively terminating insurance for shipowners carrying Russian fossil fuels would likely have an 'immediate effect' on volumes, it would probably only result in a 'limited short-term hiatus' because determined owners could find alternative insurance.
• Gard, the only club to respond to Global Witness, argued against withdrawing protections, claiming it could have the 'unintended consequence' of exposing 'innocent third parties to risks'.

APA

Global Witness (n.d.). Despite Putin’s atrocities in Ukraine, insurers enable the export of 40 million barrels of Russian oil. https://globalwitness.org/en/campaigns/fossil-fuels/despite-putins-atrocities-in-ukraine-insurers-enable-the-export-of-40-million-barrels-of-russian-oil/

Chicago

Global Witness. Despite Putin’s atrocities in Ukraine, insurers enable the export of 40 million barrels of Russian oil. n.d. https://globalwitness.org/en/campaigns/fossil-fuels/despite-putins-atrocities-in-ukraine-insurers-enable-the-export-of-40-million-barrels-of-russian-oil/.

Wikipedia

{{cite press release |author=Global Witness |title=Despite Putin’s atrocities in Ukraine, insurers enable the export of 40 million barrels of Russian oil |url=https://globalwitness.org/en/campaigns/fossil-fuels/despite-putins-atrocities-in-ukraine-insurers-enable-the-export-of-40-million-barrels-of-russian-oil/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{globalwitnessnddespite, author = {{Global Witness}}, title = {{Despite Putin’s atrocities in Ukraine, insurers enable the export of 40 million barrels of Russian oil}}, publisher = {Global Witness}, url = {https://globalwitness.org/en/campaigns/fossil-fuels/despite-putins-atrocities-in-ukraine-insurers-enable-the-export-of-40-million-barrels-of-russian-oil/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }