India permits 3 Russian insurers to provide marine cover to ships
India has approved three Russian insurers, including a unit of top lender Sberbank, to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to a key market. With the granting of the permits to Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance Company, India now recognises eight Russian entities that are eligible to provide protection and indemnity (P&I) coverage for ships. The permits for Sberbank Insurance, Ugoria and ASTK are valid until February 20, 2026, the order showed.
Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills. Russian entities are not a part of the International Group of P&I Clubs, which provide liability cover for personal injury or environmental clean-up claims for the majority of the world’s tankers, as per a report.
Source: Exim News Service: Mumbai, May 15