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India Grants Russian Insurers Vital One-Month Cover Extension
20 Feb
Summary
- India extended marine cover for four Russian insurers by one month.
- Registrations were previously valid until February 20, 2026.
- Eight Russian entities are now recognized for ship P&I coverage in India.
India has provided a one-month interim extension for four Russian insurance firms to offer marine cover to vessels calling at its ports. This crucial extension, effective from February 20, 2026, allows these companies to continue operations while awaiting final approval.
Insurers like Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance had their existing registrations valid until February 20, 2026. This move comes as India navigates evolving trade relationships, including its efforts to secure a trade deal with the United States, which involves reducing imports of Russian oil.
With this extension, India now officially recognizes eight Russian entities capable of providing protection and indemnity (P&I) coverage for ships. These firms predominantly insure vessels transporting Russian oil, a vital service given the increasing global security concerns and Western sanctions impacting Russia's oil export capabilities.
