New Delhi: India has granted a one-month interim extension to four Russian insurance companies that provide coverage for vessels arriving at the country’s ports. According to the Directorate General of Shipping, the firms—Soglasie Insurance Company, UGORIA Group of Insurance Companies, SBERBANK Insurance, and ASTK Insurance—are now authorised to offer protection and indemnity (P&I) coverage for ships until 20 March. In addition, UAE-based Sun UW MGA has been granted a similar temporary extension.
This move is particularly significant for ships transporting high-value cargo, including crude oil, given the strategic importance of energy shipments in international trade. Officials have indicated that these insurers play a key role in covering Russia’s crude oil exports, allowing vessels to enter Indian ports safely and continue international operations without disruption.
Long-term permissions have also been granted to several other Russian insurance providers to operate in India. The table below summarises the companies with approved timelines:
| Insurance Company | Headquarters | India Operating Permission Valid Until |
|---|---|---|
| Alfastrakhovanie PCL | Russia | 2030 |
| Sogaz Insurance Co. | Russia | 2030 |
| VSK Insurance | Russia | 2030 |
| Ingosstrakh Insurance Company | Russia | 2029 |
Maritime analysts have stressed the critical nature of such insurance, particularly for vessels carrying crude oil, natural gas, and other high-value cargo. Without P&I coverage, shipowners could face significant financial risks in the event of accidents, spills, or other operational hazards. The temporary extension ensures continuity in the maritime supply chain while regulatory and compliance assessments continue.
A spokesperson for the Directorate General of Shipping noted that all standard safety and compliance checks would remain in place, ensuring that vessels covered under these extensions meet India’s regulatory requirements. They also emphasised that the interim measure reflects India’s pragmatic approach to balancing international trade obligations with domestic security and regulatory oversight.
Experts have suggested that this interim relief could also have broader geopolitical and economic implications. By allowing Russian insurers temporary access, India helps maintain a stable flow of energy resources into the country while signalling a measured diplomatic stance amidst a complex global energy landscape.
This extension is expected to facilitate the smooth arrival and departure of Russian-flagged vessels and safeguard the interests of both shipowners and cargo consignees. It underscores India’s commitment to maintaining uninterrupted maritime commerce, even amid shifting international regulatory and geopolitical pressures.