
The Nikkei newspaper reported on Saturday that three Japanese insurance companies will stop insuring ships for damage in Russian waters because of the war in Ukraine, which could affect Japan’s energy imports, such as liquefied natural gas LNG.
The three companies that wanted to speak to have comment were unanswered on Saturday.
The insurers’ decision was prompted by reinsurance companies refusing to take on risks related to the war Moscow launched 10 months ago, the newspaper said.
It said that if the halt is applied to waters in Russia’s Far East, it could make shipping there too risky for some companies.
Japan’s LNG imports from Russia’s Sakhalin 2 gas and oil project could be affected, the Nikkei said. The Sakhalin Island complex, partly owned by Gazprom and Japanese companies, is vital to Japan’s energy security as it accounts for 9 per cent of the country’s LNG imports.