New Delhi: India has issued a one-month interim extension to four Russian insurance companies that provide coverage for vessels arriving at domestic ports, ensuring continuity in maritime operations amid global uncertainties. The Directorate General of Shipping confirmed that Soglasie Insurance Company, UGORIA Group of Insurance Companies, SBERBANK Insurance, and ASTK Insurance are authorised to offer protection and indemnity (P&I) coverage to ships until 20 March. Similarly, Sun UW MGA, headquartered in the United Arab Emirates, has been granted the same temporary extension.
This insurance is critical for vessels transporting high-value commodities, particularly crude oil. Officials emphasised that these insurers play a key role in facilitating Russia’s crude oil exports, which frequently pass through Indian ports. The decision to grant a temporary extension aims to maintain smooth operations in the shipping sector while providing companies time to adjust to regulatory and geopolitical changes.
In addition to these four insurers, several Russian companies already hold long-term approval to operate in India. Alfastrakhovanie PCL, Sogaz Insurance Co., and VSK Insurance have permission to continue operations until 2030, while Ingosstrakh Insurance Company is authorised until 2029. These approvals reflect India’s cautious but pragmatic approach to ensuring that essential maritime insurance services remain available to support international trade.
The table below summarises the insurers, their countries of origin, and their authorised operational periods in India:
| Insurance Company | Country | Authorised Period in India | Notes |
|---|---|---|---|
| Soglasie Insurance Company | Russia | Until 20 March 2026 (interim) | Provides P&I coverage for ships |
| UGORIA Group of Insurance Companies | Russia | Until 20 March 2026 (interim) | Covers vessels carrying crude oil |
| SBERBANK Insurance | Russia | Until 20 March 2026 (interim) | High-value cargo insurance |
| ASTK Insurance | Russia | Until 20 March 2026 (interim) | Offers standard P&I coverage |
| Sun UW MGA | UAE | Until 20 March 2026 (interim) | UAE-based insurer with similar coverage |
| Alfastrakhovanie PCL | Russia | Until 2030 | Long-term authorised insurer |
| Sogaz Insurance Co. | Russia | Until 2030 | Long-term authorised insurer |
| VSK Insurance | Russia | Until 2030 | Long-term authorised insurer |
| Ingosstrakh Insurance Company | Russia | Until 2029 | Long-term authorised insurer |
Officials have highlighted that the interim extension will provide crucial continuity for port operations, particularly for shipments of Russian crude oil, which form a significant portion of India’s import portfolio. Analysts note that maintaining active insurance coverage mitigates financial and operational risks for shipping companies, helping to stabilise supply chains amid volatile global markets.
The move underscores India’s balancing act of adhering to international sanctions while safeguarding domestic economic and energy interests. By allowing these insurers temporary operational leeway, Indian authorities aim to ensure that maritime trade flows uninterrupted, particularly for essential commodities such as crude oil, while evaluating longer-term regulatory measures for foreign insurers.