India Greenlights Russian Insurers to Secure Marine Oil Supplies

India has granted approval for three Russian insurance companies, including a Sberbank unit, to provide marine coverage for ships at Indian ports. This move, highlighted in a government notification, assists Russia in maintaining its oil supply to India, a key market after China in the wake of Western sanctions for its actions in Ukraine.

The approval extends to Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance Company, making a total of eight Russian insurers recognized to offer protection and indemnity (P&I) coverage for ships. These permits are valid until February 20, 2026.

As western oversight tightens on Russia's oil supply chain, Indian refiners procure Russian oil on a delivered basis, with sellers providing both vessels and insurance, to circumvent restrictions. These measures ensure adherence to the highest safety standards required for the navigation of oil cargo.

(With inputs from agencies.)