India is widening the scope of accepted marine insurance providers for Russian oil cargoes, aiming to secure uninterrupted crude imports while navigating ongoing Western sanctions and tightening compliance rules. The move is expected to give Indian refiners greater flexibility in sourcing shipments from Russia, which remains one of the country’s largest crude suppliers.
Under the revised approach, Indian authorities are considering additional non-Western insurers and reinsurance mechanisms for tankers carrying Russian cargoes. This comes as many traditional global insurers remain cautious due to sanctions-related risks, higher scrutiny, and restrictions tied to price-cap regulations.
Industry sources said the expanded insurance options could reduce delays in vessel clearances, lower freight uncertainties, and stabilise supply chains for state-run as well as private refiners. Since 2022, India has sharply increased purchases of discounted Russian crude, helping contain domestic fuel costs and diversify import sources.
Shipping analysts note that insurance remains a critical component of global oil trade, influencing port entry approvals, financing, and chartering decisions. By broadening acceptable coverage channels, India may strengthen its negotiating position in crude procurement while ensuring energy security amid volatile geopolitical conditions.
The development also reflects a broader shift in global trade flows, where Asian buyers are increasingly building alternative payment, logistics, and insurance systems to maintain commodity access outside traditional Western frameworks.