New Delhi/Moscow Three Russian insurers, including a subsidiary of the Sberbank superior lender, have asked India for approval to provide marine insurance for oil shipments sent to Indian ports, two sources with knowledge of the matter said appearance, while looking at Moscow Moscow, look, it seems, it seems.
India has already approved five insurers of Russia, who do not have insurance companies in the International Group of P&I Clubs, which provides responsibility coverage for personal injury or environmental cleaning claims for most oil tankers.
The measure is produced as a growing scrutiny of the Russian oil supply chain by Washington and the European Union, including compliance with a price limit established by G7 for the use of western ships and insurance, makes its oil more difficult for Moscow its oil.
Russia is the main supplier of oil to India for the third consecutive year in 2024-25, since New Delhi benefited in the cheap supply after Western nations imposed sanctions on Moscow and reduced their energy purchases in response to the Invasion of Ucrine de Russia.
The Ministry of Shipping of India is evaluating the Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance Company supplication to offer protection and compensation coverage (P&I) for ships, the sources said.
The three entities measure the criteria of India to obtain authorization and the ministry has to give the final authorization for companies to be accredited, said one of the sources.
Sberbank controlled by the state that Sberbank has insurance declined to comment. Sberbank Insurance, ASTK, UGORIA, the Ministry of shipping of India and the General Directorate of Shipping did not respond to Reuters requests for comments.
India is considering Sberbank’s insurance sanctioned by the United States, since the Nation follows only UN sanctions and not unilateral sanctions by any country, said the source.
Insurance is essential for maritime transport, partly oil loads that require the highest safety standards due to the risk of spills.
Indian refineries buy Russian oil in Basic delivered with vendors that provide vessels and insurance.
The addition of these three companies will increase the number of Russian insurance suppliers approved by India to eight, after it granted a permission for Soglasia Insurance CO LTD in January.
However, Alfastrakhovanie, Sogaz Insurance Co. and Ingosstrakh are under sanctions for Washington, while VSK Insurance is under government sanctions of the United Kingdom.
India’s oil secretary said in February that he 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, the Indian port authorities denied the entrance to an oil tanker who ages full of Russian crude due to inadequate documentation, sources familiar with the matter said.
Posted on April 24, 2025
