India has added another Russian insurer to its list of approved protection and indemnity providers after some of the biggest players were hit by US sanctions, according to the country’s shipping regulator.
Soglasie Insurance Co joins US and UK-sanctioned players Alfastrakhovanie and Ingosstrakh on a list posted on the regulator’s website of 16 non-International Group of P&I Clubs insurers allowed to cover ships calling at Indian ports.
The Indian authorities have also extended permissions for Russia’s Alfastrakhovanie, VSK and Sogaz insurers until 2030, according to the site. Ingosstrakh’s current approval runs until February 2029.
Soglasie is the newest Russian addition since April last year, with its permission running until February 2026.
The insurance company is the 10th largest non-life insurer in Russia, according to its website, and has been involved in some high-profile P&I claims.
They include a RUB 64m ($642,000) settlement following the sinking of a Ukrainian cargo ship off Turkey’s coast in 2021 in which three crew members died, according to the insurer’s website.
The Palau-flagged, 3,500-dwt Arvin (built 1975) went down off the port of Bartin in poor weather while anchored, breaking in two.
India has vied with China as the biggest importer of Russian crude since the invasion of Ukraine and is not part of the G7 sanctions regime, or recognise the oil price cap, that seeks to limit revenues secured by Russia from shipping oil. But it has allowed India to drive down prices as it tackles inflation.
Russian insurers have become a new target of G7 sanctions regulators following measures imposed against ship managers and vessels.
India plans to set up its own P&I club, in part to avoid the impact of sanctions, and in November issued a tender for consultants to conduct a feasibility study.
The International Group, which represents 12 of the biggest players, still covers more than 85% of oceangoing tonnage but has seen hundreds of tankers leave to avoid sanctions restrictions.
Soglasie has been approached for comment.
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