India gives approval to Russia's Sberbank, other insurers for marine cover at its ports

India has given its approval to three Russian insurers, including a unit of top lender Sberbank , to provide marine cover to ships arriving at Indian ports, according to a government notification.

India is the top buyer of Russian seaborne oil after China since Western nations shunned purchases and imposed sanctions on Moscow for its military action in Ukraine.

Russia is the top oil supplier to India for a third straight year in 2024-25 as New Delhi benefited on cheap supply after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia's invasion of Ukraine.


India has already approved five insurers from Russia, which has no insurance firms in the International Group of P&I Clubs, which provides liability cover for personal injury or environmental clean-up claims for the majority of the world's tankers.

(with Reuters inputs)