India Expands Marine Insurance
News: India has expanded approval of Russian and Dubai-based maritime insurers to ensure uninterrupted oil imports amid Western sanctions and global shipping risks.
The Directorate General of Shipping increased approved Russian insurers from eight to eleven and cleared additional firms, including a Dubai-based P&I club, to provide coverage.
This move addresses gaps left by Western insurers withdrawing from Russian cargoes, ensuring vessels can access ports and shipping routes.
As the world’s third-largest oil importer, India is securing discounted Russian crude while reducing reliance on Western insurance systems. The decision also reflects a broader strategy to diversify risk, strengthen energy security and build alternative maritime frameworks amid geopolitical tensions and supply chain disruptions.
Source: The Economic Times
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