A New Zealand-based insurance firm has come under scrutiny for allegedly providing coverage to vessels transporting oil from Iran and Russia, despite international sanctions targeting both nations.
Investigations suggest the insurer played a key role in enabling shipments that kept crude oil flowing to Asian markets, bypassing restrictions imposed by Western nations. The company reportedly provided protection and indemnity (P&I) coverage through intermediary networks, raising questions about compliance oversight.
Regulatory authorities are now reviewing whether the firm breached sanctions laws. Analysts say the case underscores ongoing challenges in enforcing maritime sanctions as shadow fleets and lesser-known insurers help sustain trade for restricted exporters.