India Approves More Russian Insurers to Provide Marine Cover

India has approved three Russian insurance companies, including a unit of Russia's top bank Sberbank, to provide marine insurance for ships coming to Indian ports. This move helps Russia continue sending oil to India, which is now its second-largest buyer after many Western countries stopped buying Russian oil due to the Ukraine war.
The approved insurers are Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance Company. Their licenses are valid until February 20, 2026. With this, India now allows eight Russian insurers to offer Protection and Indemnity (P&I) coverage, which is important for ships carrying oil because it protects against risks like oil spills and other accidents.
Unlike many global insurers, these Russian companies are not part of the International Group of P&I Clubs, which usually covers most of the world’s tankers. Because of Western sanctions and price caps on Russian oil, it has become harder for Moscow to sell oil using Western ships and insurance.
To avoid these restrictions, Indian oil companies buy Russian oil under delivery deals where Russian sellers handle the shipping and insurance. India has made it clear that it will only buy Russian oil transported by companies and ships that are not under U.S. sanctions.