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Norway's FSA claims that a firm issued fake insurance to Russian oil tankers.

According to Norwegian authorities, the insurance documents issued by a small Norwegian firm to cover up the forgeries were bogus. The documents were used to circumvent international sanctions and hide the age of the oil tankers.

Romarine AS, a Norwegian-registered company, claimed to be an insurer. Their website listed dozens of tanks believed to be a part of Russia’s shadow fleet. This included vessels that were under Western sanctions.

The FSA stated that the company is not registered by the Financial Supervisory Authority of Norway (FSA) as an insurer.

Western nations have sanctioned hundreds of ships that they suspect Russia uses to circumvent price caps on crude oil exports and other cargos.

These vessels are not covered or regulated by the conventional Western insurance companies, which poses the risk of unreliable tankers and environmental damages in the event that a shipwreck occurs.

The fact that Romarine made an effort in order to prove the tankers' insurance coverage by Western insurers, should they sink or be polluted, is what makes this case stand out.

Jo Gjedrem is an official with the FSA. She said, "It is an unusual case."

The FSA warned Romarine about its failure to comply with the warning in January. It then issued an order to stop operations on 4 March.

Romarine, in response to an email question from, said that it was aware of FSA's order of March 4, and had responded "with some delays through our lawyers".

Romarine stated that they operated within the applicable regulations but had decided to cease taking on new business until "positive feedback" from the authorities.

Romaine has not responded to the FSA, according to the FSA.

According to the Norwegian commercial database, Proff, Andrey Mochalin is the sole owner of Romarine AS. He is a Russian national and a former employee at Norwegian insurer Hydor AS.

Johan Gjernes is the former chairman of Romarine and chief business officer at Hydor AS. He told us via email that Romarine had been sold to Mochalin, who now owns it. Gjernes left Romarine in 2023 and Mochalin took over as chairman one year later. This is according to the official Norwegian company registry.

According to Norid AS (Norway's government-run registry for domain names), Romarine's site is located in Russia. Two commercial IP-locating websites pointed to an address in St Petersburg.

Mochalin has not returned any of the requests sent via email, LinkedIn, WhatsApp, or telephone.

SHIPS SUBJECT TO SANCTIONS

Romarine's site, as of early march, listed at least 30 oil tanksers that were subject to U.S. sanctions, EU sanctions or UK sanctions. These included the Captain Kostichev oil tanker and Ionia oil tanker, which appeared on certificates of insurance submitted to Russian port authorities.

Since then, some names have been removed.

The certificate of insurance issued by the Gabon flagged tanker Ionia on February 2, and dated January 9, listed Romarine, as its insurer.

A second document, dated 24 March and presented by Captain Kostichev of Panama to the port authorities at De Kastri (Russia's Far East), listed Romarine as their insurer.

The vessel, although the certificate stated that it was valid through April 24, has been removed from Romarine's site while the Ionia still remains.

LSEG data indicates that the Captain Kostichev's operator is Stream Ship Management based in United Arab Emirates.

Narus Maritime Corporation, based in Seychelles, owns and operates the Ionia.

I was unable to contact either company for a comment.

Romarine responded that they had accidentally listed vessels subject to Western Sanctions on their website due to a glitch in the technical system.

The company replied in an email to a question received on 12 March. "We implemented our new automatic system a few weeks ago, and we are working to figure out what went wrong."

Gjedrem stated that the FSA was concerned about Romarine when it received an email inquiry from overseas last September asking about a letterhead document certifying Romarine as a ship's insurance.

Gjedrem: "We instantly saw that it was fake." The letterhead could have been copied and pasted onto the fake document. It quoted non-existent Norwegian laws. The person who signed the document never worked for Finanstilsynet, and the stamp on it was fake."

On March 25, the FSA posted an alert on its website about using Romarine's services.

Oslo Police has also opened an investigation into Romarine’s business activities following a complaint by the FSA.

Police said they were investigating 4 people, two Norwegians, one Bulgarian and one Russian. They are suspected of falsifying documents and performing insurance mediated activities without a license.

The police said that a search was conducted on the home of one of the suspected in late March.

The Norwegian public broadcaster NRK reported the police investigation first.

Romaine did not respond to a question about the police investigation.

The Russian Ministry of Transport and the Federal Agency for Sea and Inland Water Transport have not responded to requests for comments about the Norwegian investigation of Romarine, or the Norwegian order to stop operations. Reporting by Gleb Stolyarov in Oslo, Nerijus Adomiaitis and reporters in Moscow. Additional reporting by Nidhi verma in New Delhi. Editing by Nina Chestney & Jason Neely.

(source: Reuters)