Russia Seeks Indian Approval for Marine Insurance Cover on Oil Shipments

Image Source : Moneycontrol

Three Russian insurance firms—Sberbank Insurance, Ugoria, and ASTK—have approached the Indian government for approval to provide marine insurance coverage for Russian oil shipments to India. The move comes as Moscow seeks alternatives to Western insurers amid ongoing sanctions.

Key Developments

- The request follows India's previous approval of three Russian insurers—Alfastrakhovanie, Sogaz Insurance, and VSK Insurance—to offer marine insurance for tankers transporting Russian crude oil.
- Russia’s National Reinsurance Company has played a crucial role in financially backing these insurers, ensuring their accreditation in India.
- The initiative aims to bypass restrictions imposed by the European Union and the Group of Seven nations, which have set a price cap of 60 dollars per barrel on Russian oil.
- India remains a key destination for Russian crude, benefiting from discounted prices as Western markets impose tighter trade restrictions.
- The approval process is being closely monitored, with Indian refiners emphasizing compliance with international regulations while securing stable oil supplies.

Impact on Trade and Energy Security

The request highlights Russia’s efforts to maintain uninterrupted oil exports to India despite geopolitical challenges. If approved, the new insurance providers could further strengthen trade ties between the two nations, ensuring continued access to Russian crude amid evolving global energy dynamics.

Sources: Marine Insight, Economic Times