India approves 3 Russian marine insurers, bringing total to 11
Business
India approved three more Russian companies, Gazprom Insurance, Rosgosstrakh Insurance, and Balance Insurance, to provide marine insurance at its ports.
This brings the total number of approved Russian insurers to 11, a move that helps India keep importing Russian oil even as the Strait of Hormuz faces disruptions.
Russian insurers step in amid sanctions
Most Western insurers avoid covering ships carrying Russian oil because of sanctions, so these Russian insurers step in for those vessels.
They are not part of the big international insurance group, but their approval means India can keep its energy supplies steady despite global hiccups.