Ingosstrakh responds to Financial Times article: disagrees with misleading INTERPRETATION OF FACTS

[Moscow, 04.02.2025] – Ingosstrakh Insurance Company (Ingosstrakh) issues this statement in response to the Financial Times article titled “Russian insurer threatens to sue Danish outlet over ‘shadow fleet’,” published on January 31, 2025.

Ingosstrakh respects the role of the media in holding entities accountable but emphasizes that such reporting must be grounded in facts. Ingosstrakh strongly disagrees with the tendentious interpretation of facts presented in the article. The correspondence with Danwatch, the Danish outlet referenced in the article, was aimed at correcting misleading and false information to protect Ingosstrakh’s reputation and good name.

The characterization of lawful actions as a “strategic lawsuit against public participation” (SLAPP) is inaccurate. The pre-action letters were not intended to deter legitimate investigative journalism but to ensure that reporting is based on accurate and verified information.

Ingosstrakh appreciates that Danwatch has, on three occasions, agreed to correct inaccuracies in its coverage following the company’s requests, including:

1. in the article titled “Pension funds and taxpayers’ money can be linked to Putin’s shadow fleet” published on November 8, 2024, Danwatch agreed to correct previous statements alleging that Ingosstrakh kept the “shadow fleet” sailing; and

2. in the article titled “Hovedmistænkt for ny kabelsabotage undersøgt i Danmark” published on December 26, 2024, Danwatch agreed to (a) include Ingosstrakh’s comment and indicate that it had cancelled insurance of the vessel named Eagle S long before the events described in the article took place, and (b) update its clarifications with respect to the “shadow fleet” meaning.

However, despite these corrections and further explanations provided by Ingosstrakh, Danwatch has failed to amend its publications to remove other inaccurate allegations, including its erroneous portrayal of Ingosstrakh as a company which knowingly insures vessels of the so called “shadow fleet,” and failed to provide documents or information that misled Danwatch to publish them.

As a reputable insurer operating in multiple jurisdictions, we are committed to complying with all applicable rules and regulations, supported by a robust system of thorough checks and controls. A vessel may start to engage in illicit activities after obtaining insurance – a critical fact that has been deliberately and consistently ignored by the Financial Times and Danwatch in their reporting. Ingosstrakh cannot be held responsible for actions taken by rogue traders and vessel operators after insurance coverage is issued, particularly when such actions violate the terms of the insurance policies and applicable sanctions.

To reinforce its commitment to compliance, Ingosstrakh has implemented legal instruments, such as sanctions exclusion clauses which, among other things, provide that insurance policies do not cover any activities breaching any applicable laws, and has consistently acted to cancel insurance for any individuals or vessels found to be in violation of sanctions. Since 2022, the company has canceled or denied coverage for more than 100 vessels that did not meet compliance standards, demonstrating its proactive approach to adhering to legal and regulatory frameworks.

Furthermore, Ingosstrakh was not given an opportunity to provide comments by the Financial Times within reasonable time and before the article was published. This approach is not compliant with journalistic ethics and best practices, which require providing sufficient time for a response and ensuring fairness in reporting.

Ingosstrakh reaffirms its commitment to transparency, accountability, and compliance with all applicable laws. The company continuously analyzes all available data and invites feedback from anyone with credible information about potential compliance violations, so Ingosstrakh can assess and take immediate action as appropriate. For any compliance-related inquiries, please contact at compliance@ingos.ru . In case of media inquiries, please contact at pr@ingos.ru