Raids in Auckland and Christchurch targeted Maritime Mutual amid suspicions of facilitating billions in sanctioned oil trades and potential money laundering.
AUCKLAND, New Zealand — A New Zealand-based marine insurer is at the center of an international investigation for allegedly providing essential cover to a fleet of vessels that transported sanctioned crude oil from both Iran and Russia.
New Zealand police raided the offices of Maritime Mutual in Auckland and Christchurch on October 16, as well as a private residence, seizing documents. While no charges have been filed, authorities confirmed the probe is also examining suspicions of money laundering and terrorism financing, accordingin a report from Reuters.
The investigation found that vessels insured by Maritime Mutual allegedly transported millions of barrels of sanctioned Iranian and Russian oil, often destined for ports in China and India. The insurance provided by the firm is essential for ships to operate legally and access ports.
The company, controlled by British national Paul Rankin and his family, reportedly provided cover to ships involved in these routes even after sanctions were imposed.
According to estimates from the Centre for Research on Energy and Clean Air (CREA), ships insured by Maritime Mutual have moved over $18.2 billion in Iranian energy and $16.7 billion in sanctioned Russian products since 2018.
Maritime Mutual told Reuters that it enforces strict due diligence and requires clients to sign affidavits committing to respect the G7 price cap on Russian oil. Authorities from Australia, the United States, and the United Kingdom are collaborating on the case.
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