{"id":14201,"date":"2025-05-14T04:01:53","date_gmt":"2025-05-14T04:01:53","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=14201"},"modified":"2025-05-14T04:01:53","modified_gmt":"2025-05-14T04:01:53","slug":"india-approves-more-russian-insurers-to-provide-marine-cover","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/14201\/","title":{"rendered":"India Approves More Russian Insurers to Provide Marine Cover"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India has approved three\u00a0Russia<\/span>n insurers, including a unit of top lender Sberbank, to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to a key market.<\/p>\n

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India has become the second-largest buyer of\u00a0Russia<\/span>n seaborne oil after Western nations shunned purchases and imposed sanctions on Moscow over the full-scale invasion of Ukraine.<\/p>\n

With the granting of the permits to Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance Company, India now recognizes eight\u00a0Russia<\/span>n entities that are eligible to provide protection and indemnity (P&I) coverage for ships.<\/p>\n

The permits for Sberbank Insurance, Ugoria and ASTK are valid until Feb. 20, 2026, the order showed.<\/p>\n<\/div>\n

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Reuters last month reported that the\u00a0<\/span>three entities\u00a0<\/span>were seeking approval from the Indian shipping regulator to provide P&I cover.<\/p>\n

Insurance is essential for maritime transportation, particularly oil cargos that require the highest safety standards due to the risk of spills.<\/p>\n

Russia<\/span>n entities are not a part of 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.<\/p>\n

Growing scrutiny of\u00a0Russia<\/span>‘s oil supply chain by the United States and the European Union, including compliance with a price cap set by the Group of Seven democracies for the use of Western ships and insurance, has made it increasingly difficult for Moscow to export its oil.<\/p>\n

To navigate the restriction, Indian refiners buy\u00a0Russia<\/span>n oil on a delivered basis, with sellers providing vessels and insurance.<\/p>\n

India’s\u00a0<\/span>oil secretary\u00a0<\/span>said in February that it only wanted to buy\u00a0Russia<\/span>n oil supplied by companies and ships that have not been subject to U.S. sanctions.<\/p>\n<\/div>\n

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