The cost of insuring merchant ships sailing to ports in the Black Sea has spiraled out of control, becoming a huge potential impediment to the movement of Russian cargoes from the region.
Shell Plc decided to idle two liquefied natural gas vessels chartered from a Russian company, in the latest example of an energy giant seeking to avoid future sanctions or public condemnation tied to the war in Ukraine.
London’s marine insurance market has added all of Russia’s waters to its list of areas deemed high risk, an advisory showed, which is likely to raise the cost of shipping and adds to the logistical pressures on Moscow.
