By India has approved three Russian insurers, including a unit of Sberbank, to provide marine insurance for ships arriving at Indian ports. This approval comes as part of efforts to help Russia maintain its oil exports to India, one of the largest buyers of Russian seaborne oil after Western sanctions.
Approved Insurers
The three insurers granted approval are:
- Sberbank Insurance
- Ugoria Insurance Group
- ASTK Insurance Company
These insurers will now be eligible to provide protection and indemnity (P&I) coverage for ships. The permits for these entities are valid until February 20, 2026.
Importance of Marine Insurance for Oil Transport
Marine insurance is crucial for maritime transport, especially for oil cargoes that require high safety standards due to the risk of spills. This coverage ensures the protection of shipments, which are vital for the continued flow of Russian oil to India.
Russia’s Exclusion from International P&I Clubs
While these Russian insurers are now approved by India, they are not part of the International Group of P&I Clubs, which typically provides liability cover for personal injury and environmental clean-up for most of the world’s tankers.
Navigating U.S. and EU Scrutiny
In light of increasing scrutiny of Russia’s oil supply chain by the U.S. and the EU, India’s approval allows refiners to continue purchasing Russian oil while ensuring compliance with restrictions. The strategy involves non-sanctioned ships and companies, enabling India to maintain its Russian oil imports without violating international sanctions.
