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Business Standard
13-05-2025
- Business
- Business Standard
India approves three Russian insurers for marine cover till February 2026
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. 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. 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. 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 US sanctions.
Hindustan Times
13-05-2025
- Business
- Hindustan Times
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.
Bloomberg
24-04-2025
- Business
- Bloomberg
More Russian Insurers Seek Indian Nod for Oil Tanker Coverage
Four new Russian companies have sought India's approval to provide insurance for crude oil tankers docking at ports in the South Asian nation, according to people familiar with the matter. India's shipping ministry is considering applications from Sberbank Insurance, which is sanctioned by the US, as well as from Balance Insurance , Ugoria Insurance and ASTK, said the people, who asked not to be named discussing sensitive issues. The firms aim to provide protection and indemnity coverage to Russian oil tankers, they said.
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.
Reuters
24-04-2025
- Business
- Reuters
Exclusive: Three more Russian insurers seek India OK to provide cover for oil tankers, sources say
NEW DELHI/MOSCOW, April 24 (Reuters) - 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 sanctions. 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. The 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 oil. 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. India's 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 said. The 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 said. State-controlled Sberbank ( opens new tab 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 comments. India is considering U.S.-sanctioned Sberbank Insurance as the nation follows only UN sanctions and not unilateral sanctions by any countries, said the source. Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills. Indian refiners buy Russian oil on delivered basis with sellers providing vessels and insurance. The 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 January. However, Alfastrakhovanie, Sogaz Insurance Co. and Ingosstrakh are under sanctions by Washington while VSK Insurance is under UK government sanctions. 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. Last 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.
