The risk of oil spill events has grown as Western nations curb access to shipping, finance, and insurance for vessels carrying Russian oil priced above the agreed limit of $60 per barrel. This shift is drawing attention from major financial media, with The Financial Times highlighting concerns raised by industry experts.
In one notable assessment, the CEO of the Norwegian insurer Gard, Rolf Thor Roppestad, warned that a social and environmental disaster could be looming. “This should be a major concern for all of us,” he stated.
Roppestad argues that insurers from regions outside the Western bloc may face heightened exposure if responsible coverage becomes scarce, potentially leaving shipowners and coastal communities more vulnerable to the consequences of spills. He notes that the aging fleet that still transports much of Russia’s oil, coupled with sanctions, could raise the probability of incidents and the severity of their impacts.
Meanwhile, Ben Lacock, a leadership figure at the international trader Trafigura, pointed to the Øresund Strait, the critical waterway between Denmark and Sweden, as an area of ongoing worry. The passage remains a key route for Russian tankers, and any disruption there could amplify risk across the supply chain.
Additionally, another source from London-based insurance brokerage firms, speaking on condition of anonymity, questioned whether new insurers stepping into coverage for ships originating from Russia would be able to meet their obligations in the event of a spill. This doubt reflects broader uncertainties about capacity, capital adequacy, and risk management in the current environment.
Earlier reports from Bloomberg mentioned that Kremlin plans to cut oil production in March did not appear to have a material effect on exports of Russian crude, suggesting that policy shifts in Moscow may not immediately translate into reduced shipments. Industry observers emphasize that the real danger lies in how sanction-driven market dynamics interact with maritime risk, insurance capacity, and environmental safeguards as the world navigates a tighter regime around Russian oil trade.