India Expands Approval for Russian Ship Insurers to Keep Oil Flowing
The change aims to safeguard crude supplies during a short U.S. waiver that still allows some Russian shipments.
Overview
- India’s maritime regulator said it now recognizes 11 Russia-based protection and indemnity insurers to cover ships calling at Indian ports, up from eight previously.
- Newly cleared providers include Gazprom Insurance, Rosgosstrakh, and Balance Insurance, which can insure tankers carrying Russian crude to Indian buyers.
- Approvals run for set terms, with Gazprom Insurance and Rosgosstrakh cleared until February 19, 2027, and Balance Insurance approved until August 19, 2026.
- A U.S. Treasury waiver that runs to mid-May is allowing some Russian oil deliveries to proceed, and market reports say Indian refiners are stepping up purchases.
- Most global tanker liability cover sits with Western P&I clubs that have avoided Russian cargoes, so India is leaning on non-International Group Russian insurers and building a domestic insurance pool to keep coverage available.