From January 1, 2023, three Japanese insurance companies will stop insuring ships in the waters of the Russian Federation against damage that may be caused by war. We are talking about the refusal to compensate for losses in all Russian waters, including in the Far East. It is reported by the Nikkei.

The publication found that Tokio Marine \u0026 Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance began informing shipowners of their decision on Friday, December 23.

As noted, this step was taken after the refusal of foreign reinsurance companies to take on the risks associated with the aggressor state..

Lack of ship insurance for Russian waters will make shipping too risky for many operators. Due to the inability to secure transportation, in particular, exports of liquefied natural gas from the Russian Sakhalin-2 project and other places to Japan may decrease.

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The Nikkei added that the decision of Japanese insurers reflects the industry's expanded understanding of the risks of a Russian war against Ukraine, as the potential danger from the aggressor has gone beyond the Black and Azov Seas..

They also explained that the London Joint War Committee, which makes recommendations to ship insurers, added all of Russia to the risk category back in April..

However, it is expected that the three mentioned firms in Japan will negotiate with reinsurance companies on the possible resumption of coverage of losses in the waters of the Russian Federation after the Christmas holidays..

Earlier it was reported that the United Kingdom joined the price limit for Russian oil, banning insurance for any company that trades in it or transports it at a higher price.. Insurance boycott due to London will become almost total.