India gives one month extension to four Russian insurers

India has granted a one-month interim extension to four Russian insurers giving cover to ships arriving at domestic ports. According to the Directorate General of Shipping, Soglasie Insurance Company, UGORIA Group of Insurance Companies, SBERBANK Insurance, and ASTK Insurance can provide protection and indemnity cover for ships till March 20, 2026. UAE-headquartered Sun UW MGA has also got a similar extension.

This insurance is important for ships carrying high value cargo, such as crude oil. Officials said these insurers provide cover to Russia’s crude oil exports. Besides these, Russia headquartered Alfastrakhovanie PCL, Sogaz Insurance Co., and VSK Insurance have permission to operate in India till 2030, while Ingrosstrakh Insurance Company can do so till 2029.

The special permission is needed for insurers who are not part of the International Group of Protection & Indemnity Clubs - which has largely stayed away from vessels supplying Russian crude oil after US-sanctions and the war in Ukraine.