India has allowed Russian insurer Soglasie Insurance Company to provide marine cover to tankers entering Indian ports, according to Indian ship regulator's website, as New Delhi wants steady supply of cheaper Russian oil despite latest U.S. sanctions, according to Reuters.
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.
Soglasie has been allowed to provide insurance covers for ships calling on Indian ports until Feb. 20 2026, the notice showed.
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.
Western sanctions against Moscow, 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.