More Russian Insurers Seek Indian Nod for Oil Tanker Coverage

Four new Russian companies have sought India’s approval to provide insurance for crude oil tankers docking at ports in the South Asian nation, according to people familiar with the matter.

India’s shipping ministry is considering applications from Sberbank Insurance, which is sanctioned by the US, as well as from Balance Insurance, Ugoria Insurance and ASTK, said the people, who asked not to be named discussing sensitive issues. The firms aim to provide protection and indemnity coverage to Russian oil tankers, they said.

Any addition of new, unsanctioned companies to the list of insurers extending coverage for risks, such as oil spillage and collisions, will further facilitate crude deliveries from Moscow to India, a key buyer of discounted barrels since Russia’s invasion of Ukraine.

India’s daily imports of Russian crude are on track to climb to 2.15 million barrels in April, the biggest monthly volume since May 2023, according to data from Kpler. The purchases, which slumped to a 14-month low in February, are returning to near-normal levels as supply chains are rebuilt after US sanctions rattled the industry earlier this year.

Sberbank, Ugoria, ASTK and Balance didn’t immediately respond to emailed requests for comments.

Earlier this year, India’s Directorate General of Shipping extended approvals for Alfastrakhovanie and Sogaz Insurance Co. until February 2030, and kept the permission for Ingosstrakh up to February 2029. The three companies have been sanctioned by the US. A permit for VSK, which is sanctioned by the UK, will expire in February 2030. Soglasie Insurance Co, which is not blacklisted by any western nation, was also authorized by the regulator.

Photograph: Workers supervise oil lines at Krishnapatnam Port in Krishnapatnam, India. Photo credit: Dhiraj Singh/Bloomberg

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