India Extends Deadline for 4 Russian Marine Insurers by One Month
India has temporarily extended permission for four Russian insurers to cover tankers calling at its ports. This decision comes as the Indian government aims to sustain crude oil imports while navigating increasing pressure from the United States to halt shipments from Moscow.
This stopgap measure will last for one month, allowing Soglasie Insurance Company Ltd., Ugoria Group of Insurance Companies, Sberbank Insurance, and ASTK Insurance LLC to provide coverage beyond February 20, the original expiration date of their licenses. Typically, these approvals are granted for a year or longer, as noted on the Directorate General of Shipping’s website.
In 2025, India emerged as the leading buyer of Russia’s seaborne crude supplies. However, the country has faced significant pressure from the Trump administration to reduce these imports as part of a broader effort to recalibrate trade relations. Although oil imports from Moscow have decreased in recent months, with increased flows from other nations like Saudi Arabia, they have not completely ceased.
Following Russia’s invasion of Ukraine in 2022, Russian insurers have been pivotal in maintaining Moscow’s crude exports to India. This has occurred in the wake of Western sanctions and a Group of Seven price cap that significantly limited the involvement of Europe-based Protection and Indemnity (P&I) clubs, which traditionally provided coverage against third-party liabilities, including pollution and cargo damage.
Additionally, four other Russian insurers hold approvals that extend to 2029-2030, allowing them to provide third-party liability coverage for vessels operating in Indian waters. This regulatory framework underscores the complexities of international shipping and insurance in the current geopolitical climate.
The shipping regulator has not responded to requests for comment regarding these developments.
Photograph: This view shows crude oil tankers anchored on Lake Maracaibo, Venezuela. Photo credit: Maryorin Mendez/AFP/Getty Images
Related:
Copyright 2026 Bloomberg.
Was this article valuable?
Here are more articles you may enjoy.
Interested in Carriers?
Get automatic alerts for this topic.
India has temporarily extended permission for four Russian insurers to cover tankers calling at its ports. This decision comes as the Indian government aims to sustain crude oil imports while navigating increasing pressure from the United States to halt shipments from Moscow.
This stopgap measure will last for one month, allowing Soglasie Insurance Company Ltd., Ugoria Group of Insurance Companies, Sberbank Insurance, and ASTK Insurance LLC to provide coverage beyond February 20, the original expiration date of their licenses. Typically, these approvals are granted for a year or longer, as noted on the Directorate General of Shipping’s website.
In 2025, India emerged as the leading buyer of Russia’s seaborne crude supplies. However, the country has faced significant pressure from the Trump administration to reduce these imports as part of a broader effort to recalibrate trade relations. Although oil imports from Moscow have decreased in recent months, with increased flows from other nations like Saudi Arabia, they have not completely ceased.
Following Russia’s invasion of Ukraine in 2022, Russian insurers have been pivotal in maintaining Moscow’s crude exports to India. This has occurred in the wake of Western sanctions and a Group of Seven price cap that significantly limited the involvement of Europe-based Protection and Indemnity (P&I) clubs, which traditionally provided coverage against third-party liabilities, including pollution and cargo damage.
Additionally, four other Russian insurers hold approvals that extend to 2029-2030, allowing them to provide third-party liability coverage for vessels operating in Indian waters. This regulatory framework underscores the complexities of international shipping and insurance in the current geopolitical climate.
The shipping regulator has not responded to requests for comment regarding these developments.
Photograph: This view shows crude oil tankers anchored on Lake Maracaibo, Venezuela. Photo credit: Maryorin Mendez/AFP/Getty Images
Related:
Copyright 2026 Bloomberg.
Was this article valuable?
Here are more articles you may enjoy.
Interested in Carriers?
Get automatic alerts for this topic.
