India has authorized three Russian insurers, including Sberbank’s insurance unit, to offer marine coverage for ships at Indian ports. This move aims to support Moscow in maintaining oil supplies to India, its largest market for seaborne oil after China, especially amid sanctions following Russia’s actions in Ukraine.
With the inclusion of Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance Company, India now recognizes a total of eight Russian entities eligible to provide protection and indemnity (P&I) coverage. The permits for these companies will remain valid until February 20, 2026.
These Russian firms are not part of the International Group of P&I Clubs, which typically covers liability for tankers globally. The U.S. and EU have heightened scrutiny over Russia’s oil supply chain, complicating its ability to export oil while adhering to a price cap set by the G7 democracies for Western shipping and insurance.
To mitigate export challenges, Indian refiners are buying Russian oil on a delivered basis, relying on sellers to arrange vessels and insurance. India has emphasized its intention to procure oil only from companies and ships not subject to U.S. sanctions.
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