India Extends Lifeline to Russian Insurers in Maritime Trade Pivot

India has granted an interim extension of one month to four Russian insurance companies, permitting them to continue offering marine cover for ships docking at Indian ports, according to the directorate-general of shipping's website.

The extension is in place until a final approval is given to Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance, whose registrations are valid through February 2026. India is currently scaling back its Russian oil imports as part of a strategy to secure a trade deal with the United States.

Insurance is a vital component for maritime transport, especially for oil cargoes which must adhere to stringent safety standards to prevent spills. India now acknowledges eight Russian entities as eligible providers for protection and indemnity coverage amidst growing concerns over the Russian supply chain and tightening Western sanctions against Moscow.