India approves Russian insurers to provide marine cover to oil bearing ships
India has approved three Russian insurers, including a unit of top lender Sberbank, to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to a key market.
India is the top buyer of Russian seaborne oil after China since Western nations shunned purchases and imposed sanctions on Moscow for its military action in Ukraine.
Also Read: Russian woman refuses to leave India despite tensions: 'I am home right now'
With the granting of the permits to Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance Company, India now recognises eight Russian entities that are eligible to provide protection and indemnity (P&I) coverage for ships.
The permits for Sberbank Insurance, Ugoria and ASTK are valid until February 20, 2026, the order showed.
Reuters last month reported that the three entities were seeking approval from the Indian shipping regulator to provide P&I cover.
Also Read: Trump lauded India-Pakistan ceasefire, but remains 'frustrated' with Ukraine-Russia deal
Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills.
Russian entities are not a part of the International Group of P&I Clubs, which provides liability cover for personal injury or environmental clean-up claims for the majority of the world's tankers.
Also Read: Russia responsible for Malaysian airliner MH17 crash in Ukraine in 2014, says UN aviation agency
Growing scrutiny of Russia's oil supply chain by the United States and the European Union, including compliance with a price cap set by the Group of Seven democracies for the use of Western ships and insurance, has made it increasingly difficult for Moscow to export its oil.
To navigate the restriction, Indian refiners buy Russian oil on delivered basis, with sellers providing vessels and insurance.
India's oil secretary said in February that it only wanted to buy Russian oil supplied by companies and ships that have not been subject to U.S. sanctions.
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