India has granted marine insurance permits to four Russian firms, adding momentum to Moscow's efforts to avoid using Western service providers. Bloomberg reports UNN.
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It is noted that the Russian companies VSK Insurance, Sogaz Insurance Co. and Alfastrakhovanie PCL have received permission to carry out marine insurance until February 20, 2025.
In addition, the term of the Moscow-based Ingrosstrakh Insurance Company was extended until March 2029.
According to three people with knowledge of the matter, the state-owned Russian National Insurance Company provides insurance coverage for all four suppliers.
Russia uses Western insurers to cover the tanker fleet that exports its oil to India.
The use of its own insurance services will help reduce Moscow's dependence and make it more accommodating to Indian buyers.