The European Union has proposed restrictions on three firms that have provided fake flags to sanctioned oil tankers in Russia’s shadow fleet, according to documents seen by Bloomberg.
The entities have supplied false Aruba, Curacao and Sint-Maarten flags to at least eight sanctioned vessels, the documents say.
None of the three territories appear in the so-called Paris register of official flags, meaning they don’t actually provide the service. The Netherlands warned the International Maritime Organization in a circular in May that companies were providing “fraudulent certificates” on behalf of Sint Maarten.
The proposed measures are part of the EU’s latest package of sanctions, which is currently being negotiated by member states.
The bloc is aiming to ramp up the pressure on Russia’s shadow fleet and squeeze Moscow’s oil revenues. The package also includes sanctions on about 120 additional vessels, bringing the total of listed entities to more than 560, as well as restrictions on several entities in third countries that enable Russia’s energy trade. EU sanctions require the backing of all member states before they’re adopted and details of measures could change before that happens.
Some capitals are increasing checks on vessels that travel in proximity of their waters to frustrate Russia’s oil flows even further. France said it stopped and investigated a ship last week for failing to provide proof of its nationality. President Emmanuel Macron said later atan EU summit in Copenhagen that detaining suspicious oil tankers could hinder the shadow fleet’s operations.
Following 53 separate levee breaches in and around New Orleans, 80% of Orleans Parish flooded under 2 to 20 feet of water. Well over a quarter-million homes were destroyed with many more damaged, and tens of thousands of businesses were damaged or destroyed.
Over 1.7 million insurance company claims were reportedly filed with over $41 billion paid to policyholders. Over 163,000 NFIP flood insurance claims were filed and over $15 billion paid to policyholders, with the average payment being “just” $94,000. Total property damage was estimated to be $85 billion, resulting in an uninsured total of almost $29 billion.
These numbers were provided several years after Katrina by Jim Mahurin, CPCU, ARM, a risk management consultant who did years of expert witness and consulting work along the Gulf Coast following Katrina. Contrary to the numerous media reports of poor service by insurers, along with extensive litigation, according to Mahurin, only 2% of claims were disputed, tracking with the national average for non-disaster claims.