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India widened backing for Russian insurers as the largest buyer of Moscow’s seaborne crude strives to keep discounted barrels flowing, after the US imposed fresh sanctions earlier this month.
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Bloomberg News
Rakesh Sharma
Published Jan 22, 2025 • 1 minute read
(Bloomberg) — India widened backing for Russian insurers as the largest buyer of Moscow’s seaborne crude strives to keep discounted barrels flowing, after the US imposed fresh sanctions earlier this month.
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As well as extending approvals for some sanctioned providers, India’s Directorate General of Shipping authorized Soglasie Insurance Co. to provide insurance for vessels entering Indian ports until February 2026, according to to the regulator’s website.
As Soglasie isn’t blacklisted by any western nation, the new permit provides a safe option for tanker operators that haul Russian barrels to the South Asian nation and may be wary of taking out coverage with sanctioned insurers or providers unknown in the market.
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Controlled by billionaire Mikhail Prokhorov, Soglasie accounted for about 3% of Russia’s general insurance market last year. So far, Soglasie’s website doesn’t list marine insurance services. Like his company, Prokhorov is not subject to sanctions.
The US on Jan. 10 imposed stringent new sanctions aimed at choking off funding for Vladimir Putin’s war machine following the 2022 invasion of Ukraine. The package targeted oil tankers, energy producers, exporters, trading firms, and two of the biggest Russian providers of protection and indemnity insurance for vessels — Ingosstrakh Insurance Co. and Alfastrakhovanie.
The inclusion of the insurers was a bid to push a wide range of tankers, including those in Russia’s own fleet, out of mainstream insurance markets, at least temporarily.
India’s shipping watchdog extended approvals for Alfastrakhovanie and Sogaz Insurance Co. — also blacklisted by the US — until February 2030, while the permit for Ingosstrakh remains intact to February 2029. A permit for VSK, which is sanctioned by the UK, has been extended until February 2030. Earlier approvals for Alfastrakhovanie, Sogaz and VSK were set to expire on Feb. 20.
India, the world’s third-largest oil consumer, imported about 1.8 million barrels a day from Russia in 2024, accounting for 37% of its total shipments from overseas.
India’s shipping ministry spokesman didn’t immediately respond to phone messages seeking comment.
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