Russian and Chinese reinsurers agree to pool resources to underwrite energy projects

Power of Siberia

First weldings on Power of Siberia pipeline

Russian and Chinese reinsurers: China could soon take over from the West as the major source of reinsurance for some of Russia ‘s largest infrastructure projects including the Power of Siberia and Turkish Stream pipelines. Following a meeting in Beijing last week, insurance chiefs from both countries agreed to set up a “joint reinsurance capacity in the form of a pool of Russian and Chinese insurance companies” to offer co-insurance protection to companies and projects. Moscow is also proposing to use the rouble and the yuan instead of the dollar in its re-insurance calculations. 

Source: Gazeta