I took a closer look at how that insurance trick was done. It is fascinating. There is reinsurance company РНПК (Russian National Reinsurance Company). This company have a single founder and owner - take a breath, it is funny ... - Central Bank of Russia. To fulfill the conditions of the maritime law, paid authorized capital was set by founder at 750B RUB - above whatever limit set in maritime law for state-backed insurers. In addition, Russian government signed a backing of that company. Since the founder is CB, this company capital is really unlimited. CB could set it to any value. So, just changing limit in maritime law would not help. They will have to completely remove the whole part about insurance by state backed company with unpredictable consequences. Also, it would be extremely hard to somehow deny validity and capital of the company founded by CB, it will severely harm Central Banks validity as whole. If CBs is not enough to back insurance, then nothing could be enough, not even talking about some private capital. You know that worship of CBs among political establishment - CBs are untoucheable and unquestionable. :)
Seems like London insurance cabal fucked around and found out. If they want to mitigate their losses, they will have to face that dark, nameless and scary CB owners. :)
Okay, okay, new plan by the Neo-Imperialists: "These sanctions are working great! The Russian economy is imploding! And that's why you're paying more for gas."
I took a closer look at how that insurance trick was done. It is fascinating. There is reinsurance company РНПК (Russian National Reinsurance Company). This company have a single founder and owner - take a breath, it is funny ... - Central Bank of Russia. To fulfill the conditions of the maritime law, paid authorized capital was set by founder at 750B RUB - above whatever limit set in maritime law for state-backed insurers. In addition, Russian government signed a backing of that company. Since the founder is CB, this company capital is really unlimited. CB could set it to any value. So, just changing limit in maritime law would not help. They will have to completely remove the whole part about insurance by state backed company with unpredictable consequences. Also, it would be extremely hard to somehow deny validity and capital of the company founded by CB, it will severely harm Central Banks validity as whole. If CBs is not enough to back insurance, then nothing could be enough, not even talking about some private capital. You know that worship of CBs among political establishment - CBs are untoucheable and unquestionable. :)
Seems like London insurance cabal fucked around and found out. If they want to mitigate their losses, they will have to face that dark, nameless and scary CB owners. :)
Okay, okay, new plan by the Neo-Imperialists: "These sanctions are working great! The Russian economy is imploding! And that's why you're paying more for gas."