Russian Waters Deemed High Risk
London Insurers Make Russian Waters High Risk Area
On Monday, April 4th, marine insurers in London added Russian waters to their list of high-risk areas, in accordance with guidance from the Joint War Committee, which is comprised of members from London insurers and Lloyd’s Market Association.
This is in addition to the Russian waters that surround the Sea of Azov and Black Sea, as they were added to the list of high-risk locations in March, shortly after Russia invaded Ukraine.
The new listing is forecasted to increase Russia’s cost of shipping.