London body in row with Ukraine over insuring Russian oil-carrying ships

theguardian.com:

A City of London body whose members comprise the world’s biggest shipping insurers is embroiled in a row with Ukraine’s anti-corruption agency over enabling the export of Russian oil, the Guardian can reveal.

The International Group of Protection and Indemnity Clubs (IGP&I), whose members insure 90% of the world’s ocean-going tonnage, has enraged Ukrainian officials after failing to dissuade its members from insuring the transport of the Russian fossil fuel.

In a letter sent by the country’s National Agency for Corruption Prevention in August, its head had asked for “consideration” in IGP&I’s advice to members of a then recent listing of Greek shipping companies on Ukraine’s database of “international sponsors of war”.

The Ukrainian government has tagged five major Greek shipping firms on the database, claiming in its letter that this spring alone the firms had transported 19m tons of Russian oil worth $16bn – a third of all the country’s oil exports over those months and “equal to the cost of launching 2,350 Kalibr cruise missiles”.

The latest figures suggest the total value of oil transported by the Greek shippers now stands at $32bn.

The IGP&I, which acts to pool risks and share information among the insurance companies that comprise its membership, responded nine days later to the agency by knocking back its request, according to correspondence seen by the Guardian.

In his letter, Paul Jennings, the chair of the IGP&I, headquartered on London’s Leadenhall Street, had offered “sympathy” over Ukraine’s plight but said Greek shippers were acting lawfully.

“To the best of our knowledge, the ship-owning companies you have mentioned in your letter are engaged in trade that has to date remained lawful under European Union, UK and