Three additional Russian insurers, including a unit of Sberbank, have requested approval from India to provide marine insurance for oil shipments to Indian ports, according to Reuters.
Moscow continues to seek ways to maintain oil deliveries despite Western sanctions. India has already approved five Russian insurers.
Russia has no companies in the International Group of P&I Clubs, which offers liability coverage for personal injury and environmental clean-up claims for most of the world’s tankers.
The new applications come amid increased scrutiny by Washington and the European Union of Russia’s oil supply chain. Compliance with the G7 price cap for the use of Western ships and insurance has made exporting oil more difficult for Moscow.
Russia remains India’s largest oil supplier for the third consecutive year in 2024–25. Indian refiners have benefited from discounted Russian oil after Western countries imposed sanctions on Moscow following its invasion of Ukraine.
India’s shipping ministry is reviewing requests from Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance Company to provide protection and indemnity (P&I) coverage for ships, the sources said.
The three insurers meet India’s requirements for authorisation, and the ministry will issue final approval, one of the sources added.
India is considering Sberbank Insurance, despite U.S. sanctions, because India only enforces UN sanctions and does not apply unilateral sanctions, according to the source.
Insurance remains necessary for maritime transport, especially for oil cargoes that must meet high safety standards due to spill risks.
Indian refiners typically purchase Russian oil on a delivered basis, with the seller responsible for vessels and insurance.
Approval of these three insurers would raise the number of Russian insurance providers authorised by India to eight. In January, India approved Soglasie Insurance Co Ltd.
However, Alfastrakhovanie, Sogaz Insurance Co, and Ingosstrakh are sanctioned by Washington, while VSK Insurance faces UK government sanctions.
In February, India’s oil secretary stated that India prefers to buy Russian oil supplied by companies and vessels not sanctioned by the United States.
Last month, Indian port authorities denied entry to an aging tanker carrying Russian crude due to inadequate documentation, according to sources.
