Progressive Isolation of Russia 

by Olha Povaliaieva
Wednesday, April 6, 2022
Progressive Isolation of Russia 

The world's largest marine insurers market has declared all waters around Russia a military zone

On April 6, the London Marine Insurance Market made an extremely subtle and effective gesture: it declared Russia's waters a "war zone." What is the fantasy of this step?

The fact is that in order to enter the waters of the military zone, the ship must notify its insurance agency. Under the terms of the contract, the owner of the vessel must pay a special tax for everyone in the war zone — 5% of the value of the vessel. Accordingly, it is not profitable for London Marine Insurance Market customers to enter and moor in Russian waters.

The list of the military zone included not only the Black Sea but also the Baltic and ports of the Far East. Bermuda and Switzerland are also expected to join London soon.

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