India Widens Approvals for Russian Insurers After Oil Sanctions

(Bloomberg) —

India widened backing for Russian insurers as the largest buyer of Moscow’s seaborne crude strives to keep discounted barrels flowing, after the US imposed fresh sanctions earlier this month. 

As well as extending approvals for some sanctioned providers, India’s Directorate General of Shipping authorized Soglasie Insurance Co. to provide insurance for vessels entering Indian ports until February 2026, according to to the regulator’s website.

As Soglasie isn’t blacklisted by any western nation, the new permit provides a safe option for tanker operators that haul Russian ba…