The Russian Government is discussing with China the insurance of cargo shipped along the Northern Sea Route (NSR), Russia’s Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District stated in relation to Western restrictions on insurance coverage for vessels carrying Russian crude oil and petroleum products that are purchased above the price cap.
Right now, many shipowners do not use the Northern Sea Route simply because the cargo is not insured. While insurance is necessary. We have discussed the issue at a meeting with representatives of the People's Republic of China. Since China has a very powerful banking system, they would be quite capable of doing it, the envoy said.