The insurance issued to dozens of ageing oil tankers used by Russia to skirt international sanctions was bogus, according to Norwegian authorities now investigating the small firm behind the forged documents.
Norway-registered Romarine AS purported to be an insurance provider with a website listing dozens of tankers believed to be part of Russia’s shadow fleet, including vessels under Western sanctions.
However, the company was not registered as an insurance provider by Norway’s Financial Supervisory Authority (FSA), the FSA said.
Western nations have imposed sanctions on hundreds of ships they suspect Russia is using to avoid price cap restrictions on exports of crude oil and other cargoes.
Such vessels are not regulated or covered by conventional Western insurers, posing the risk of unsafe tankers and environmental damage in the event of a wreck.
What makes the matter of Romarine stand out is that the firm made an effort to show the tankers involved had Western insurance coverage in the event of pollution or sinking.
“It’s an extremely unusual case,” Jo Gjedrem, an official at the FSA, told Reuters.
The FSA sent a warning to Romarine in January, but the company failed to respond, the authority told Reuters, prompting it to issue an order on March 4…