TT Club and its Russian country partner Panditrans have warned companies of a five-fold risk of doing business in Russia.
Speaking at a conference in St. Petersburg, Panditrans deputy director Alexander Petrenko noted that operators could be liable for monetary losses through error as well as third-party liabilities and fines imposed by state authorities.
Paul Knighton, a senior underwriter with freight and logistics insurer TT club, said that it was important to know regulations and procedures in order to avoid unexpected costs. “Operators should never consider cargo cover alone as sufficient. All carriers, truckers, and forwarders need to carry out a thorough assessment of common liabilities, both local and international when providing transport services to Russia and the FSU,” he said.
TT Club and Panditrans said they “strongly advise” transport and logistics service providers operating in Russia to carry out thorough risk management assessments, ensuring that they identify liability exposure and obtain the correct insurance cover.