Western sanctions against Russia have prompted several oil importers to break their trade links with the country. This measure also affects some insurers and reinsurers, who are now prohibited from covering imports of Russian black gold. Unlike some countries, India has refrained from closing its business with Russia because of long-standing security ties.
General Insurance Corporation of India (GIC Re), an Indian reinsurance company, has provided 40% of the insurance pool to cover most imports from Moscow, including oil. The establishment of the new pool, comprising state-owned insurance companies, is subject to approval by the supervisory authority IRDAI.
The Indian Register of Shipping (IRClass), an international ship classification company, has provided safety certification to more than 80 ships managed by SCF Management Services (Dubai), a subsidiary of the Russian shipping group Sovcomflot.
Classification companies assess the state of ships and the conditions of transport, which is key to insurance coverage and access to ports.
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