India has provided approval for Russia’s Soglasie Insurance Co. to insure vessels entering its ports. The move comes with India, the largest buyer of Moscow’s seaborne crude, looking to keep discounted barrels flowing.
The Directorate General of Shipping’s website shows it has authorised Soglasie to insure vessels until February 2026. The insurer, which is not presently sanctioned by Western nations, offers tanker operators an alternative to using blacklisted or unfamiliar insurers, though it does not currently list marine insurance on its website, reported Bloomberg.
A new US sanctions package, introduced on 10 January, targets Russia’s energy sector, including more than 180 vessels and dozens of oil traders, oilfield service providers, insurance companies and energy officials. The move is part of an effort to disrupt Russia’s funding sources and limit access to mainstream insurance markets.
India, the world’s third-largest oil consumer, imported 1.8 million barrels per day of crude from Russia in 2024, accounting for 37% of its total imports. India’s shipping regulator has extended permits for several sanctioned insurers, including Alfastrakhovanie and Sogaz Insurance, as reported by Reuters.
India is exploring the establishment of a domestic protection and indemnity (P&I) entity to support local shipowners and mitigate vulnerabilities from international sanctions. The proposed P&I club aims to initially focus on inland waterways, with potential future expansion to cover international trade routes.
