India Approves Three More Russian Insurers To Cover Ships At Its Ports

India has recently approved three more Russian insurers to offer marine insurance coverage for vessels entering Indian ports.

According to a recent government notification, the three newly approved insurers include Sberbank Insurance, which is a unit of Russia’s largest lender Sberbank, along with Ugoria Insurance Group and ASTK Insurance Company.

These companies can now provide protection and indemnity (P&I) cover to ships, and their approval is valid until February 20, 2026.

With this decision, India now officially recognises eight Russian insurers that are eligible to provide marine insurance for vessels operating in Indian waters. The approval helps Russia maintain its oil exports to India, which remains its second-largest buyer of seaborne oil after China.

Last month, Reuters reported that these three Russian insurers had submitted requests to the Indian shipping regulator for approval to offer P&I services.

The confirmation now allows them to operate in India, offering a workaround for Russian oil shipments that face increasing restrictions from Western nations.

Marine insurance is a critical requirement for global oil shipments, as it protects against risks such as environmental damage and personal injury claims. Oil cargoes especially demand high safety standards due to the risk of spills.

However, Russian insurers are not members of the International Group of P&I Clubs, a global association that provides liability cover for most of the world’s oil tankers. This group also handles claims related to environmental clean-up or injuries.

In recent months, Russia’s oil supply chain has come under more scrutiny from the United States and the European Union, both of which are closely monitoring compliance with the price cap set by the Group of Seven (G7) nations.

This price cap limits the use of Western-owned ships and insurance firms for transporting Russian oil, making it harder for Moscow to move its crude globally.

To manage these challenges, Indian refiners have been buying Russian oil on a delivered basis, meaning the seller is responsible for arranging the vessel and the insurance. This method avoids relying on Western insurance services.

Back in February, India’s oil secretary reportedly stated that the country prefers to purchase Russian oil only from companies and vessels that are not under U.S. sanctions.

Reference: Reuters

Source: Maritime Shipping News