Three more Russian insurers, including a subsidiary of top lender Sberbank, have asked India for approval to provide marine insurance for oil shipments sent to Indian ports, two sources with knowledge of the matter said, as Moscow looks to maintain deliveries despite Western sanctions.
India has already approved five insurers from Russia, which has no insurance firms in the International Group of P&I Clubs, which provides liability cover for personal injury or environmental clean-up claims for the majority of the world’s tankers.
The move comes as growing scrutiny of Russia’s oil supply chain by Washington and the European Union, including compliance with a price cap set by G7 for the use of Western ships and insurance, makes it increasingly difficult for Moscow to export its oil.
Russia is the top oil supplier to India for a third straight year in 2024-25 as New Delhi benefited on cheap supply after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia’s invasion of Ukraine.
India’s shipping ministry is evaluating the plea from Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance Company to offer protection and indemnity (P&I) coverage for ships, the sources said.