A New Zealand insurance company helped Russia and Iran export oil
Agency investigations Reuters found that the company Maritime Mutual, registered in New Zealand and managed by a British citizen Paul Rankin and his family, played a key role in providing insurance support for tankers transporting oil from Iran and Russia, despite Western sanctions.
The company provided insurance more than 130 tankers, The company's main business is the transportation of sanctioned oil, which is carried out by a fleet that conceals the routes, names of vessels and their actual activities.
How it worked
A tanker without insurance would not be able to enter many ports - P&I insurance (protection and indemnity) is mandatory.
Reuters has found that Maritime Mutual has insured about one sixth all tankers subject to US, EU or UK sanctions.
Cases where policies were issued to before vessels are authorised, as well as after they appeared on the sanctions lists.
The company denied the violation: it said it had zero tolerance for sanctions and operated under «strict compliance standards».
Investigations in New Zealand
In October 2025, the New Zealand police conducted searches at Maritime Mutual's offices, seizing documents related to an investigation into possible violations of sanctions and anti-money laundering rules.
The investigation is being conducted jointly with international partners: Australia, the United Kingdom and the United States.
Implications for sanctions policy
This case demonstrates that even when states impose sanctions their implementation depends on a whole network of participants: shipowners, insurers, brokers, ship registries.
Analysts note: «Even when a vessel is sanctioned, if it has insurance and the insurer has links with major reinsurers, it can continue to operate.».
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