India has approved three Russian insurers, including a unit of top lender Seberbank, which shows a government notification to provide maritime cover to Indian ports, a government notification, which helps Moscow to maintain oil supply in a major market.
India is followed by Russian seborn oil after China as Western countries stopped purchasing and banned Moscow for their military action in Ukraine.
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With a permit to Sberbank Insurance, Ugoria Insurance Group and Astk Insurance Company, India now recognizes eight Russian institutions that are eligible to provide security and compensation (P&I) coverage for ships.
The order showed that permits for Sberbank Insurance, Ugoria and Astk are valid till February 20, 2026.
Last month, Reuters said that three institutions were demanding approval from the Indian shipping regulator to provide P&I cover.
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Insurance is necessary for marine transport, especially for oil cargo which requires the highest safety standards due to the risk of spreading.
Russian institutions are not part of the International Group of P&I clubs, providing liability cover for most tankers in the world for individual injuries or environmental cleaning claims.
Increasing investigation of Russia’s oil supply chain by the United States and the European Union, which involves compliance with a price cap prescribed by a group of seven democracy for the use of Western ships and insurance, has made it rapidly difficult to export its oil to Moscow.
To navigate the ban, Indian refiners buy Russian oil on a distributed basis, providing vendors and insurance.
India’s Oil Secretary said in February that he wanted to buy only Russian oil supplied by companies and ships that were not subject to US sanctions.
