India Moves to Expand Russian Shipping Insurers’ Access
The Directorate General of Shipping raised the number of approved Russian insurers from eight to eleven, according to media, as New Delhi moves to shore up coverage for the growing volume of ships navigating away from conflict-disrupted routes.
Three firms were newly added to the directorate's approved list: Gazprom Insurance Ltd., Rosgosstrakh Insurance Co., and Balance Insurance JSC, Bloomberg reported. Gazprom and Rosgosstrakh hold approvals valid through February 19, 2027, while Balance's authorization expires August 19 of next year. Notably, Rosgosstrakh operates under active US sanctions.
Four previously approved insurers — Soglasie Insurance Co. Ltd., Ugoria Group of Insurance Cos., Sberbank Insurance, and ASTK Insurance LLC — retain valid approvals through February 20, 2027, the shipping agency confirmed. Dubai-based Islamic Protection & Indemnity Club was separately granted marine cover authorization through February 19, 2027.
The congestion driving these measures is already acute. Shashi Tharoor, a lawmaker representing the southern state of Kerala, flagged on X that nearly 100 vessels were either anchored or awaiting berth at the port of Vizhinjam alone.
None of the approved Russian entities belong to the International Group of Protection and Indemnity (P&I) Clubs — the Europe-based consortium whose member associations collectively underwrite marine liability coverage for roughly 87 percent of the world's ocean-going tonnage. That group stopped covering Russian vessels following the imposition of Western sanctions.
P&I clubs are mutual insurance associations offering liability protection to shipowners against risks ranging from oil spills and cargo damage to crew injuries — coverage that is indispensable for energy shipments given the environmental and financial stakes of maritime accidents.
The Russian insurers primarily cover tankers carrying Russian crude, filling a gap left by Western service providers that have stepped away from Russian cargoes under tightening sanctions pressure, media reported.
The expansion reflects India's acute dependence on uninterrupted oil imports. The world's third-largest oil consumer and importer, India has leaned heavily on Russian crude to satisfy domestic demand — a reliance that has deepened as the US-Israeli conflict with Iran has effectively choked off traffic through the Strait of Hormuz.
Adding to the shifting sanctions landscape, Washington on Sunday extended a waiver permitting foreign buyers to take delivery of Russian crude loaded onto tankers by approximately one month, pushing the deadline to mid-May.
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