A vessel sanctioned by the West, carrying Russian oil for Indian Oil Corp, has faced delays in discharging its cargo at an eastern Indian port. This hold-up is attributed to the online verification process of insurance coverage from a Russian insurer, as reported by industry sources. Earlier this year, India tightened its insurance regulations for ships, particularly targeting older vessels often used to transport Russian oil.
The Aframax vessel Tiger 6, currently under EU and UK sanctions, was scheduled to unload its ESPO grade cargo on November 23 but was seen near Paradip port without berthing as of Wednesday afternoon. This delay indicates heightened security measures at Indian ports.
Since April, India has mandated online verification of insurance for vessels insured by companies outside the International Group (IG) to prevent the submission of forged documents. Many vessels in the so-called shadow fleet are covered by non-IG insurers, including Russia’s Soglasie Insurance Co Ltd, which is providing coverage for the Tiger 6.
India recognizes P&I coverage from 19 non-IG insurers, including eight from Russia, allowing it to continue purchasing discounted Russian oil despite sanctions.
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