Previously, Moscow had to rely on Western firms providing coverage for its oil exports. The change will substantially weaken the effectiveness of G7-imposed price caps on Russian oil sales across the globe.
The Indian Directorate General of Shipping now lists Russian insurers AlfaStrakhovanie, Sogaz, and VSK as authorized for maritime insurance until Feb. 20, 2025. Additionally, Ingosstrakh's insurance coverage will be accepted through March 2029.
Three anonymous sources told Bloomberg that the Russian National Reinsurance Company (RNRC) backs the coverage for all four providers.
Read also: Major Indian refiner Reliance Industries rejecting Russian oil tankers amid US sanctions
According to the report, Russia is the leading crude oil supplier to India. In April, India's imports from Russia reached 1.72 million barrels per day, the highest since July 2023.
In February, Bloomberg reported that intensifying U.S. sanctions had hampered oil trade between Russia and India, causing India to seek alternative suppliers for its refineries.
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Read the original article on The New Voice of Ukraine
Section: Business
Author: Eric Malinowski
