Protection and indemnity provider West of England has warned it could be blocked from paying out in the event of a collision involving a vessel covered by sanctioned Russian insurer Ingosstrakh.
The insurer also cautioned that it would be severely restricted from covering members for planned operations, such as ship-to-ship oil transfers, linked to Ingosstrakh-covered ships.
The guidance published on Monday comes after the British government blacklisted Ingosstrakh in June for carrying on business of “strategic significance” for Russia.
