India is increasing the number of Russian insurance companies operating in its market after the introduction of US sanctions, reports Reuters.
The Indian government has allowed the Russian insurance company “Agreement” provide marine insurance to tankers calling at Indian ports, as indicated on the website of the Indian shipping regulator. New Delhi is seeking to ensure a stable supply of cheaper Russian oil despite recent US sanctions.
In addition, India extended the validity of permits issued to Russian companies “Sogaz Insurance”, “AlfaStrakhovanie” And “VSK Insurance”for 5 years, until February 2030, according to the notification posted on the website of the Directorate General of Shipping. Companies “Agreement” permitted to provide insurance coverage for ships calling at Indian ports until February 20, 2026.
India also recognizes the Russian insurance company “Ingosstrakh”whose permit is valid until February 20, 2029. Earlier this month, Washington imposed sanctions against “AlfaStrakhovanie” And “Ingosstrakh”as well as against Russian oil companies and tankers, seeking to reduce Russia's oil revenues.
In our previous article, we wrote that Russia will most likely find a way out of American sanctions. And so it happened. And who lost? Without a doubt, European insurance companies…
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