Sanction-hit Russian tank carrier Sovcomflot is no longer part of Skuld’s insured fleet, WPO learns. The deadline for ending the customer relationship has passed. Skuld refrains from commenting.
The deadline for terminating business with Sovcomflot has passed, and with that, the Russian tanker company is no longer on the Norwegian marine insurance company Skuld’s customer list.
WPO has previously reported that the Norwegian deadline for ending customer relations with sanctioned companies and persons ended on May 15 and May 24.
It is thus three days since the final deadline. WPO’s information reveals that the Russian tanker company is now completely erased from the Norwegian marine insurer’s customer base.
Skuld highlights to WPO that it – as usual – cannot comment on single customers, but that the company in general always complies with existing sanctions.
During a meeting in Oslo this week, Skuld CEO Ståle Hansen tells WPO that complying with sanctions is generally a complex issue. He points out, however, that the insurer has faced a situation with sanctioned countries and commodities before, mentioning the Iran sanctions as an example.
He adds that due to the complex nature of sanctions and the requirement for monitoring, the Norwegian insurer has launched a whole team working to ensure that Skuld and its customers stay compliant.
Half the fleet
According to maritime database VesselsValue, Sovcomflot had around 100 ships in its fleet – before the recent divestment. Roughly 49 of the vessels in Sovcomflot’s fleet had Skuld as P&I club. Skuld does not wish to confirm the exact number.
On Wednesday, May 25, there was no trace left of the vessels using the ’Vessel Search’ function on Skuld’s website. WPO has searched for each of the approximately 49 vessels using the vessels’ IMO number.
As previously reported by WPO, the Russian tanker operator has recently begun divesting from its fleet as a consequence of the sanctions. 10 tanker vessels have been sold and, according to VesselsValue, the sales were registered on May 12, 2022.
Sovcomflot part of board
As Skuld is a mutual insurance company and thus owned by its customers, it is common practice that large customers are part of the board.
Therefore, Sovcomflot has been represented on Skuld’s board.
WPO has previously reported that up until April 21, 2022, Alexey Ostapenko, VP and chief legal counsel at Sovcomflot, was represented on Skuld’s board. However, the next day, he was no longer listed.
WPO’s information previously revealed that – as a representative of a sanctioned company and customer on its way out – Ostapenko could not continue as a member of the board.
This week, Hansen tells WPO that it is completely normal for a mutual insurance company to have big customers on the board as they are the owners, but he also says that Skuld can choose independent members when it makes sense.
However, for now, the door is closed for the Russian tanker company.
Sovcomflot divests from sanctioned tanker fleet
