- India extended permission for four Russian insurers to cover tankers for one month
- The move helps sustain crude imports amid US pressure to end shipments from Russia
- Russia was India’s top seaborne crude supplier in 2023 despite recent import declines
India temporarily extended permission for four Russian insurers to cover tankers calling at its ports, as the government seeks to sustain crude imports while also managing US pressure to end shipments from Moscow.
The stopgap move lasts for one month, enabling Soglasie Insurance Company Ltd., Ugoria Group of Insurance Companies, Sberbank Insurance and ASTK Insurance LLC, to provide cover beyond Feb. 20, when their licenses had been due to expire, according to the Directorate General of Shipping's website. The approvals are usually granted for a period of a year or longer.
The South Asian nation was the top buyer of Russia's seaborne crude supplies in 2025, but has faced a tide of pressure from the Trump administration to scale back the flows as they work to reset their broader trade relationship. While oil imports from Moscow have fallen in recent months — and flows from other nations such as Saudi Arabia picked up — they haven't come to a halt.
Following the invasion of Ukraine in 2022, Russian insurers have played a crucial role in sustaining Moscow's crude exports to India after Western sanctions and a Group of Seven price cap sharply curtailed the involvement of Europe-based P&I clubs. The groups had traditionally provided cover against third-party liabilities including pollution and cargo damage.
Four other Russian insurers retain approvals stretching to 2029-2030 to provide third-party liability cover for vessels operating in Indian waters.
The shipping regulator did not reply to a request for comment.
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