Russian National Reinsurance Company, main reinsurer of Russian ships

Russian National Reinsurance Company (RNRC), a state-owned company, has become the main local reinsurer covering ships carrying Russian oil.

The initiative came shortly after the European Union banned European insurers and reinsurers from covering imports of Russian black gold.

Before the sanctions were imposed on Russia, the coverage of these cargoes was based on a pool of international insurers and reinsurers.