In an article for Energy Policy magazine, Russian Deputy Prime Minister Alexander Novak announced that Russia is working on a system of insurance ad re-insurance arrangements to facilitate the growing energy trade among friendly countries, which are not participating in the current sanctions insanity.
“For the unhindered access of Russian oil raw materials to the markets,” Novak wrote, “the possibility of creating a new system of clubs of mutual insurance and reinsurance of risks to third parties (P&I insurance) is being considered with friendly states. Its main advantage is independence from the insurance and banking services of unfriendly countries, stability and scalability for all types of supplies.”
