India Extends Interim Approval for Russian Marine Insurers Amid Oil Trade Shifts

India has granted an interim extension for four Russian insurers, allowing them to continue providing marine cover for ships at its ports until formal approval is secured. This move is part of India’s strategy to manage its imports amidst shifts in the global oil trade and ongoing sanctions against Russia.

India has granted an interim extension for four Russian insurance companies, enabling them to continue offering marine coverage to ships docking at its ports, according to the directorate-general of shipping's website.

The approval has been extended until a final decision is made concerning Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance, whose registrations are valid until February 20, 2026. India is also reducing imports of Russian oil as part of efforts to secure a trade deal with the United States.

Insurance plays a crucial role in maritime transport, particularly for oil shipments, due to the high safety standards required to prevent spills. India now recognizes eight Russian entities as eligible to provide protection and indemnity coverage for ships, assisting them amid the challenges posed by security concerns and Western sanctions on the Russian supply chain.

(With inputs from agencies.)