A Norwegian firm falsely claimed to provide insurance for aging oil tankers used by Russia to evade international sanctions, authorities revealed as they launched an investigation into the fraudulent operation.
Romarine AS, a Norway-registered company, presented itself as an insurance provider, listing numerous tankers—many suspected to be part of Russia’s "shadow fleet"—on its website. Some of these vessels were under Western sanctions. However, Norway’s Financial Supervisory Authority (FSA) confirmed that Romarine was never registered as a legitimate insurance provider.
Western nations have sanctioned hundreds of ships believed to be circumventing price caps on Russian crude and other exports. These vessels operate outside the oversight of conventional Western insurers, increasing the risk of environmental disasters in the event of a wreck. What sets Romarine apart is its attempt to make it appear as though these tankers had Western-backed insurance coverage for pollution or accidents.
“It’s an extremely unusual case,” said FSA official Jo Gjedrem in a statement to Reuters.
The FSA issued a warning to Romarine in January, but after receiving no response, it formally ordered the company to cease operations on March 4.
Romarine acknowledged the order and stated that it had replied “with some delay through our lawyers.” The company claimed it adhered to regulations but chose to halt new business until receiving "positive feedback from the authority." The FSA, however, stated it had not received any response from the firm.
Romarine AS is solely owned by Andrey Mochalin, a Russian national and former employee of Norwegian insurer Hydor AS, according to commercial database Proff. Johan Gjernes, Hydor’s chief business officer and Romarine’s former chairman, confirmed that the company was sold to Mochalin, who now owns it outright. Gjernes stepped down from Romarine in August 2023, and Mochalin assumed the role of chairman a year later, as per Norway’s corporate registry.
Further investigation traced Romarine’s website back to Russia. Norway’s domain registry, Norid AS, confirmed the site was hosted there, and two IP tracking services pinpointed its location in St. Petersburg.
Mochalin did not respond to multiple attempts by Reuters to reach him via phone, email, LinkedIn, or WhatsApp.