The Indian government must decide in the next few days whether to continue allowing a handful of Russian companies to insure tankers when they supply oil to the Asian nation.
The move comes at a time when New Delhi is under pressure from the Trump administration to reduce its purchases of Russian oil. Allowing insurers to continue covering against oil spills and other risks when traveling to India could help reduce these trade flows.
India’s Directorate General of Shipping has until Friday to extend approval to four Russian insurers, its website shows. Four other Russians do not need to renew their approvals until 2029 and 2030.
People familiar with the matter said they expected the DGS to agree to extend their approvals at a meeting on Thursday. After that, India’s shipping ministry would need to give the final sign-off, the people said.
After Europe severed ties with Moscow following the invasion of Ukraine, India became a major oil trading partner of Moscow. The US has repeatedly said that India is determined to stop the purchase, which would deprive the Kremlin of petrodollars to finance the war.
To be clear, even if the four firms do not get their approvals extended, there will still be other insurance options for the tanker trade.
In addition to four other Russian insurers that will still have approvals, Western Cover – which is subject to sanctions from Group of Seven countries – is also allowed.
The approval process was delayed this year due to document lapses, which have now been ironed out, the people said.
Copyright 2026 Bloomberg.
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Energy Oil Gas Russia India
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