Following Western sanctions on oil, Russia is adapting its logistics and finance by leaning on new insurance schemes to keep raw materials flowing. The country has already begun expanding its network with smaller traders, according to statements from Deputy Prime Minister Alexander Novak as reported by RIA Novosti.
Novak noted that the coming period will bring tougher conditions. Nevertheless, Russia remains committed to selling oil and ensuring continued exports. In this new environment, tools such as alternative insurance models, closer inter-company coordination, and flexible transport arrangements have been deployed. He pointed out that the composition of market participants is shifting, with large traders stepping back and a broader field of traders entering the market, including entities involved in selling Russian oil directly to diverse buyers.
He also described a strategy to weather potential policy shocks, insisting that forthcoming restrictions on oil supply, including the introduction of price caps and maritime bans in some Western markets, would not halt the sale of Russian petroleum. In Novak’s view, demand for Russian oil will persist in the near term, supported by diversified shipping routes and risk-management practices that are increasingly common among buyers and sellers.
Earlier reporting from international business newspaper The Financial Times highlighted new pressures in routing shipments through critical waterways. The article noted challenges faced by roughly 20 oil tankers attempting to navigate the Bosphorus and Dardanelles after Western governments imposed a border price benchmark of around $60 per barrel on Russian crude. Turkish authorities reportedly require shipowners to prove comprehensive insurance coverage before passage.