India Broadens Russian Marine Insurance Access as Energy Flows Face Geopolitical Strain

India has widened the range of Russian insurers allowed to provide marine cover for vessels calling at its ports, expanding the approved pool to 11 from eight in a move that could help sustain shipping flexibility amid continuing disruptions in global energy trade. According to Reuters, the Directorate General of Shipping has cleared additional Russian entities to offer protection and indemnity cover for ships docking in India, a step that carries particular importance for tankers involved in crude movements.

Under the latest approvals, Gazprom Insurance and Rosgosstrakh Insurance have been permitted to provide protection and indemnity cover until February 19, 2027, while Balance Insurance has been cleared until August 19, 2026. India has also extended the registrations of Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance until February 20, 2027. In addition, VSK Insurance, Sogaz Insurance and Alfastrakhovanie remain recognised until February 20, 2030, while Ingosstrakh Insurance is approved until February 20, 2029. Reuters also reported that Dubai-based Islamic Protection & Indemnity Club has been allowed to provide marine cover until February 19, 2027.

The move comes at a time when India’s energy security calculations are being shaped by both sanctions and war-linked shipping risks. Reuters reported that India, the world’s third-largest oil importer and consumer, is relying heavily on Russian oil while a temporary U.S. waiver continues to allow purchases of sanctioned Russian oil loaded on ships through May 16. That waiver was extended as the U.S.-Israeli war on Iran and disruption around the Strait of Hormuz pushed energy markets into a more fragile phase.

Marine insurance has become a critical piece of that equation. Protection and indemnity cover is essential for ships, especially oil tankers, because it underpins liability protection in the event of spills, accidents, personal injury claims or environmental damage. Western insurers and reinsurers have stayed away from much of the Russian cargo trade because of sanctions pressure, creating space for Russian entities to step in even though they are outside the International Group of P&I Clubs that covers most of the world’s tanker fleet.

India’s decision also fits into a broader attempt to reduce vulnerability in maritime risk coverage. On April 18, the government approved a ₹129.8 billion sovereign guarantee for a domestic maritime insurance pool intended to support continuity of trade when sanctions or geopolitical shocks lead global insurers to pull back or sharply raise premiums. Reuters reported that the pool will run for 10 years, with a possible five-year extension, and will cover hull, machinery, cargo and war risks.

Taken together, the twin moves — expanding access for Russian marine insurers and building a sovereign-backed maritime insurance pool at home — suggest India is trying to create a larger insurance buffer around its shipping and energy trade. With crude supply routes under pressure and sanctions continuing to reshape the insurance landscape, New Delhi appears to be ensuring that maritime cover does not become the weak link in its import strategy.

Reference:

https://www.reuters.com/legal/litigation/india-expands-russian-marine-insurance-options-2026-04-20/
https://economictimes.indiatimes.com/industry/energy/oil-gas/india-expands-russian-marine-insurance-options/articleshow/130385086.cms
https://www.reuters.com/legal/litigation/india-approves-14-billion-maritime-insurance-pool-2026-04-18/
https://economictimes.indiatimes.com/industry/energy/oil-gas/us-extends-waiver-allowing-countries-to-buy-russian-oil/articleshow/130345469.cms