The Indian government must decide in the next few days whether to keep allowing a handful of Russian companies to insure tankers when they deliver oil to the Asian nation.
The process comes at a time when New Delhi is under pressure from the Trump administration to scale back Russian oil buying. Allowing the insurers to continue covering against oil spills and other risks when sailing to India could help to underpin those trade flows.
India’s Directorate General of Shipping has until Friday to extend the approvals of four Russian insurers, its . Four other Russian ones don’t need to renew their approvals until 2029 and 2030.
People with knowledge of the matter said that they expect the DGS to agree on an extension of their approvals at a meeting on Thursday. After that, India’s Ministry of Shipping will then need to give final signoff, the people said.
India became a pivotal oil-trade partner to Moscow after the invasion of Ukraine caused Europe to sever ties with Moscow. The US has said several times that India is committed to curbing purchases, something that would deprive the Kremlin of petrodollars to finance the war.
To be clear, even if the four firms didn’t get an extension to their approvals, there would still other insurance options for the tanker trade.
In addition to the four other Russian insurers that would still have approvals, western cover 鈥� which is subject to restrictions from Group of Seven nations 鈥� is also permitted.
This year’s approval process was delayed by documentary deficiencies that have now been addressed, the people said.
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