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Time of India
13-05-2025
- Business
- Time of India
India gives approval to Russia's Sberbank, other insurers for marine cover at its ports
India has given its approval to three Russian insurers , including a unit of top lender Sberbank , to provide marine cover to ships arriving at Indian ports, according to a government notification. 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. Russia is the top oil supplier to India for a third straight year in 2024-25 as New Delhi benefited on cheap supply after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia's invasion of Ukraine. Play Video Play Skip Backward Skip Forward Mute Current Time 0:00 / Duration 0:00 Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions and subtitles off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 3 minutes, if you own a mouse India has already approved five insurers from Russia, which has no insurance firms in 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. (with Reuters inputs) Live Events
Time of India
24-04-2025
- Business
- Time of India
Three more Russian insurers seek India's approval to provide cover for oil tankers, sources say
India's oil secretary said in February that it wants to buy Russian oil only if it is supplied by companies and ships that have not been subject to sanctions by the United States. As Western sanctions pressure Russia's oil exports, three more Russian insurers, including Sberbank Insurance, seek India's approval for marine insurance on oil shipments. This move aims to maintain deliveries to India, Russia's top oil buyer, despite growing scrutiny and a G7 price cap. India is evaluating the applications, potentially increasing the number of approved Russian insurers to eight. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Three more Russian insurers, including a subsidiary of top lender Sberbank, have asked India for approval to provide marine insurance for oil shipments sent to Indian ports, two sources with knowledge of the matter said, as Moscow looks to maintain deliveries despite Western has already approved five insurers from Russia, which has no insurance firms in 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 move comes as growing scrutiny of Russia's oil supply chain by Washington and the European Union, including compliance with a price cap set by G7 for the use of Western ships and insurance, makes it increasingly difficult for Moscow to export its is the top oil supplier to India for a third straight year in 2024-25 as New Delhi benefited on cheap supply after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia's invasion of shipping ministry is evaluating the plea from Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance Company to offer protection and indemnity (P&I) coverage for ships, the sources three entities meet India's criteria for getting the authorisation and the ministry has to give the final clearance for the firms to be accredited, one of the sources Sberbank that owns Sberbank Insurance declined to comment. Sberbank Insurance, ASTK, Ugoria, India's shipping ministry and the Directorate General of Shipping did not respond to Reuters' requests seeking is considering U.S.-sanctioned Sberbank Insurance as the nation follows only UN sanctions and not unilateral sanctions by any countries, said the is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of refiners buy Russian oil on delivered basis with sellers providing vessels and addition of these three firms will increase the number of Russian insurance providers approved by India to eight, after it granted a permit to Soglasie Insurance Co Ltd in Alfastrakhovanie, Sogaz Insurance Co. and Ingosstrakh are under sanctions by Washington while VSK Insurance is under UK government oil secretary said in February that it wants to buy Russian oil only if it is supplied by companies and ships that have not been subject to sanctions by the United month, Indian port authorities denied entry to an ageing tanker loaded with Russian crude due to inadequate documentation, sources familiar with the matter had said.
