On April 20, 2026, the Indian government announced an expansion of the list of Russian insurers eligible to offer marine insurance, increasing the total from eight to eleven. This decision, made by the Directorate General of Shipping, is crucial as India continues to rely heavily on Russian oil imports amidst ongoing sanctions and geopolitical strife.

The newly included insurers, such as Gazprom Insurance and Rosgosstrakh Insurance, will provide protection and indemnity coverage until February 19, 2027. The registration for Balance Insurance is valid until August 19, 2026, while several other Russian companies, including Soglasie Insurance and Sberbank Insurance, have extended their coverage until February 20, 2027.

India is currently the world's largest importer of Russian crude oil, utilizing a temporary waiver to circumvent sanctions that make it difficult for Western service providers to insure vessels transporting Russian oil. These maritime insurance options are critical in ensuring safe and efficient oil transport, particularly with the ongoing closure of the Strait of Hormuz impacting energy shipments.

Insurance support is particularly vital for oil cargoes, which are subject to high safety standards due to the risks associated with maritime transport. With Western insurance firms largely disengaged from covering Russian shipments, the expanded list of Russian insurers is intended to facilitate continued trade and secure maritime operations for India's growing energy needs.

Additionally, India's government has allowed a Dubai-based insurer, Islamic Protection & Indemnity Club, to offer marine coverage until February 19, 2027, reflecting a broader strategy to safeguard maritime operations amidst evolving global challenges.

As India enhances its oil trade ties with Russia, this move underscores the nation's urgent need for reliable insurance solutions to support its energy security. The developments indicate a significant shift in maritime insurance dynamics, paving the way for more robust cooperation between India and Russia in the face of Western sanctions.