EMEA News
Russia Considering Arctic Ban on Foreign-Flagged Ships
Tuesday June 30, 2015
Russia's Ministry of Transport is looking to heighten restrictions on foreign-flagged ships operating in the Arctic, World Maritime News reports.
According to local media, a new proposed bill prevents foreign vessels from exporting oil and gas in the Arctic region, and would also stop ships built outside of Russia from Arctic oil shipping entirely.
It was speculated that the move is a counter to Western-imposed sanctions, though it is expected that Russian companies with large international fleets such as Sovcomflot may fall on the wrong side of the proposed law.
It was reported earlier this month that a busy Arctic may be a boon for insurers, as navigating the waters in the region carries some risk year-round.
