India has granted an interim extension to four Russian insurers to continue to provide marine cover to ships arriving at its port, the website of its directorate-general of shipping shows.
Interim extension provided until approval is granted to four Russian insurance companies to provide protection and indemnity cover for ships, its website says.
Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance had registrations valid until February 20, 2026. India is cutting imports of Russian oil to clinch a trade deal with the United States.
Insurance is essential for maritime transport, particularly oil cargoes, which are held to the highest safety standards because of the risk of spills. India now recognises eight Russian entities eligible to provide protection and indemnity (PI) coverage for ships.
The firms mostly provide cover to vessels loaded with Russian oil as growing security concerns over the Russian supply chain and the pressure of Western sanctions made it tougher for Moscow to export its oil.
Russian entities are not a part of the International Group of PI Clubs, which provides liability cover for personal injury or environmental clean-up claims for the majority of the world's tankers.
(Reporting by Nidhi Verma; Editing by Clarence Fernandez)