India increases approved Russian marine insurers to eleven

India has officially expanded the list of Russian insurance providers authorized to provide marine cover for vessels docking at its ports. The Directorate General of Shipping in India increased the number of eligible insurers from Russia to 11, up from the previous eight, to facilitate the continued import of energy resources. The South Asian nation has permitted GAZPROM PJSC and Rosgosstrakh Insurance to provide protection and indemnity (P&I) coverage until February 19, 2027. Additionally, the registration for Balance Insurance has been recognized as valid through August 19, 2026. Authorities also extended the registration of SBERBANK OF RUSSIA PJSC, Soglasie Insurance, Ugoria Insurance Group, and ASTK Insurance until February 20, 2027. As the world’s third-largest oil importer, India is increasingly dependent on Russian supplies to meet its energy demands. This reliance is underscored by a temporary waiver as geopolitical tensions involving the United States keep the Strait of Hormuz effectively closed, disrupting the global flow of Brent Crude Oil and West Texas Oil. Insurance remains a mandatory requirement for maritime transport, especially for oil cargoes which are subject to rigorous safety standards to prevent environmental hazards. Russian firms primarily provide this cover because Western service providers have largely withdrawn from Russian-related trade due to international sanctions. These Russian entities operate independently of the International Group of P&I Clubs, which typically handles liability for the majority of the global tanker fleet. In a separate move, India has also authorized the Dubai-based Islamic Protection & Indemnity Club to provide marine cover until February 2027. Furthermore, the government has maintained long-term recognition for other Russian insurers, including VSK Insurance, Sogaz Insurance, and Alfastrakhovanie until 2030, and Ingosstrakh Insurance until early 2029.