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India has permitted the Russian insurer Soglasie Insurance Company to provide marine cover to tankers entering Indian ports, according to the Indian ship regulator’s website, as New Delhi desires a reliable and steady supply of Russian oil in spite of the latest escalation of U.S. sanctions.
Taking matters a step further, India has extended the approvals granted to Russian companies Sogaz Insurance, Alfastrakhovanie, and VSK Insurance by 5 years through to February 2030, according to the notice issued by the Directorate General of Shipping. India also included and accepted Russia’s Ingosstrakh Insurance Company, with its authorization valid until Feb. 20, 2029.
Earlier this month, Washington sanctioned Alfastrakhovanie and Ingosstrakh, along with Russian oil producers and tankers, with the aim of putting a stop to Russia’s oil revenues.
Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills.Western sanctions against Moscow due to the Ukraine issue, along with tighter scrutiny of the Russian oil trade, have almost cut Russia off from the global network of service providers such as insurers and brokers.
Moscow has been India’s top crude oil supplier. India’s oil imports from Russia in April are at around 1.72 million barrels a day, their highest since July, according to online ship-tracking data The Russian insurers that are seen as eligible by India for providing protection and indemnity (P&I) insurance coverage are not part of the Europe-based International Group, which is made up of 12 so-called P&I clubs.Sovereign interests and independent courage, as shown in this case by India’s position, are growing in what is a clear desire to progress to a truly multipolar world.
