French President Emmanuel Macron is in negotiations with the Gulf countries to reduce insurance costs for ships passing through the Strait of Hormuz. Since the US and Israel launched an attack on Iran in February, shipping on this channel has continued to be blocked. People familiar with the matter revealed that France is discussing with Saudi Arabia and other Gulf countries the establishment of risk carriers supported by public funds to share some of the insurance risks of strait navigation and guarantee energy transportation by reducing shipping costs. The negotiations covered various departments of France's energy, foreign affairs, and finance. Currently, the operating model and guarantee provisions of this insurance mechanism have not been clarified. Trump launched a $20 billion tanker reinsurance program earlier this year, but Iran continues to attack ships, and the cost of strait shipping insurance remains high. A spokesperson for the Elysée Palace confirmed that related work was in progress.

French President Emmanuel Macron is in negotiations with the Gulf countries to reduce insurance costs for ships passing through the Strait of Hormuz. Since the US and Israel launched an attack on Iran in February, shipping on this channel has continued to be blocked. People familiar with the matter revealed that France is discussing with Saudi Arabia and other Gulf countries the establishment of risk carriers supported by public funds to share some of the insurance risks of strait navigation and guarantee energy transportation by reducing shipping costs. The negotiations covered various departments of France's energy, foreign affairs, and finance. Currently, the operating model and guarantee provisions of this insurance mechanism have not been clarified. Trump launched a $20 billion tanker reinsurance program earlier this year, but Iran continues to attack ships, and the cost of strait shipping insurance remains high. A spokesperson for the Elysée Palace confirmed that related work was in progress.