India Extends Relief to Russian Ship Insurers

New Delhi: The Indian government has granted a one-month interim extension to four Russian insurance companies providing protection and indemnity (P&I) cover for vessels arriving at domestic ports. The Directorate General of Shipping confirmed that Soglasie Insurance Company, UGORIA Group of Insurance Companies, SBERBANK Insurance, and ASTK Insurance will be authorised to offer coverage until 20 March 2026. In addition, UAE-headquartered Sun UW MGA has received a similar short-term extension.

Officials emphasised that this insurance is critical for vessels transporting high-value cargo, including crude oil and refined petroleum products. The four Russian insurers play a key role in providing coverage for Russia’s crude oil exports, ensuring uninterrupted maritime trade between the two nations.

Beyond these temporary extensions, several Russian insurance firms hold long-term operational permits in India. These companies are permitted to function in the Indian shipping and maritime insurance sector for multiple years, underpinning the security of international cargo operations.

Maritime experts note that these measures help stabilise the shipping insurance market, particularly for vessels carrying valuable commodities. By providing temporary relief, India ensures that Russian shipping companies can continue their operations smoothly despite evolving international regulatory and economic pressures.

Officials further highlighted that the interim extension reflects India’s broader strategy to maintain continuity in global trade and safeguard cargo movement through domestic ports. The situation will be reviewed ahead of the 20 March deadline, with the possibility of further extensions if deemed necessary to facilitate maritime commerce.

The continued presence of these Russian insurers is considered vital for maintaining financial security for high-value shipments, including crude oil, refined fuels, and other strategic goods. This move underscores India’s commitment to balancing international trade obligations with national shipping and port security requirements.

In effect, the temporary and long-term approvals collectively ensure that Russian insurers remain an integral part of India’s maritime insurance landscape, providing both short-term solutions and long-term stability for international shipping operations.