As well as extending approvals for some sanctioned providers, India’s Directorate General of Shipping authorized Soglasie Insurance Co. to provide insurance for vessels entering Indian ports until February 2026, according to to the regulator’s website. As Soglasie isn’t blacklisted by any western nation, the new permit provides a safe option for tanker operators that haul Russian barrels to India and may be wary of taking out coverage with sanctioned insurers or providers unknown in the market
New Delhi: India widened backing for Russian insurers as the largest buyer of Moscow’s seaborne crude strives to keep discounted barrels flowing, after the US imposed fresh sanctions earlier this month.
As well as extending approvals for some sanctioned providers, India’s Directorate General of Shipping authorized Soglasie Insurance Co. to provide insurance for vessels entering Indian ports until February 2026, according to to the regulator’s website.
As Soglasie isn’t blacklisted by any western nation, the new permit provides a safe option for tanker operators that haul Russian barrels to the South Asian nation and may be wary of taking out coverage with sanctioned insurers or providers unknown in the market.
India has also extended the approval granted to Russian companies Sogaz Insurance, Alfastrakhovanie, and VSK Insurance by 5 years to February 2030, showed the notice posted on the Directorate General of Shipping.
VSK is sanctioned by the UK. Earlier approvals for Alfastrakhovanie, Sogaz and VSK were set to expire on Feb. 20.
India also recognises Russia’s Ingosstrakh Insurance Company, with its authorisation valid until Feb. 20, 2029.
Washington earlier this month sanctioned Alfastrakhovanie and Ingosstrakh, along with Russian oil producers and tankers, aiming to curtail Russia’s oil revenues.
Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills.
Western sanctions against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.
The Russian insurers considered eligible by India for providing protection and indemnity (P&I) insurance coverage are not part of the Europe-based International Group, which is made up of 12 so-called P&I clubs.
Controlled by billionaire Mikhail Prokhorov, Soglasie accounted for about 3% of Russia’s general insurance market last year. So far, Soglasie’s website doesn’t list marine insurance services. Like his company, Prokhorov is not subject to sanctions.
The US on Jan. 10 imposed stringent new sanctions aimed at choking off funding for Vladimir Putin’s war machine following the 2022 invasion of Ukraine. The package targeted oil tankers, energy producers, exporters, trading firms, and two of the biggest Russian providers of protection and indemnity insurance for vessels — Ingosstrakh Insurance Co. and Alfastrakhovanie.
The inclusion of the insurers was a bid to push a wide range of tankers, including those in Russia’s own fleet, out of mainstream insurance markets, at least temporarily.
India’s shipping watchdog extended approvals for Alfastrakhovanie and Sogaz Insurance Co. — also blacklisted by the US — until February 2030, while the permit for Ingosstrakh remains intact to February 2029.
India, the world’s third-largest oil consumer, imported about 1.8 million barrels a day from Russia in 2024, accounting for 37% of its total shipments from overseas.
India’s shipping ministry spokesman didn’t immediately respond to phone messages seeking comment.
Agencies