India has given a temporary extension to four Russian insurance companies, allowing them to continue providing marine coverage for ships arriving at its ports, according to the directorate-general of shipping’s website, Reuters reported.
The interim approval will remain in effect until formal clearance is granted to the insurers to provide protection and indemnity (P&I) cover for vessels. The four companies — Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance — previously had registrations valid only until February 20, 2026.
Insurance plays a crucial role in maritime transport, particularly for oil cargoes, which are subject to the highest safety standards due to the risk of spills. India currently recognises eight Russian entities as eligible to provide P&I coverage for ships.
The Russian insurers primarily cover vessels transporting Russian oil. Increasing security concerns over the Russian supply chain, coupled with Western sanctions, have complicated Moscow’s ability to export its oil.
Notably, these Russian firms are not members of the International Group of P&I Clubs, which provides liability coverage for personal injury or environmental clean-up claims for most of the world’s tankers.
The extension comes amid India’s broader effort to gradually reduce imports of Russian oil, a move aimed at facilitating a trade deal with the United States.
With inputs from Reuters
