India Boosts Russian Oil Supply With New Marine Insurance Approval
India has approved three Russian insurance companies, including one connected to Sberbank, to provide marine coverage for ships accessing Indian ports. This strategic move assists Russia in maintaining its significant oil supply to India, particularly after Western sanctions following the Ukraine conflict.
In a significant development, India has granted approval to three Russian insurance companies, including one linked to Russia's largest lender, Sberbank, to offer marine insurance for vessels docking at Indian ports.
This approval is crucial for Russia as it seeks to sustain its oil exports to India, currently its second-largest buyer of seaborne oil after China. The move comes at a time when Western sanctions, enforced due to Russia's military engagement in Ukraine, have curtailed its access to certain global markets.
The official announcement underscores India's ongoing energy ties with Russia amidst geopolitical tensions, as it continues to secure energy resources from Moscow, despite global pressure.
(With inputs from agencies.)
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