Japanese companies will no longer insure ships in any Russian waters
Due to the conflict in Ukraine, three Japanese insurance companies will stop covering ships for damage in all Russian waterways. This could have an impact on Japan's energy imports, notably liquefied natural gas (LNG).
According to the business newspaper Nikkei, Tokio Marine & Nichido Fire Insurance Co, Sompo Japan Insurance Inc, and Mitsui Sumitomo Insurance Co began informing shipowners about their choice on Friday.
According to the publication, reinsurance companies' refusal to assume risks associated with the conflict that Moscow started ten months ago led to the insurers' decision.
According to Nikkei, the Sakhalin-2 gas and oil project in Russia may have an impact on Japan's imports of LNG. As the source of 9% of Japan's LNG imports, the Sakhalin Island complex, which is jointly controlled by Gazprom and Japanese businesses, is essential to the country's energy security.
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