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Amid Hormuz blockade, India makes a big move, more oil to come in from…, insurance companies to get approval till 2027
Amid the oil and gas crisis sparked by the blockade of the Strait of Hormuz, India has made a significant bet on Russian oil imports.
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Amid Hormuz blockade, India makes a big move, more oil to come in from…, insurance companies to get approval till 2027
Amid the oil and gas crisis sparked by the blockade of the Strait of Hormuz, India has made a significant bet on Russian oil imports.
Published: April 21, 2026 10:29 AM IST
By Nivedita Dash| Edited by Nivedita Dash
Amid Hormuz blockade, India makes a big move, more oil to come in from…, insurance companies to get approval till 2027
Amid the oil and gas crisis sparked by the conflict between the US and Iran and the blockade of the Strait of Hormuz, India has made a major strategic move. The Indian government has increased the number of Russian companies offering marine insurance to ensure uninterrupted Russian oil supplies, potentially eliminating significant oil import constraints for years to come.
According to a decision by the Directorate General of Shipping (DGS), 11 Russian insurance companies have now been approved to cover ships calling at Indian ports, up from the previous eight. These companies will provide Protection and Indemnity (P&I) cover, which is crucial for international maritime trade.
India has removed the biggest hurdle
In fact, due to Western sanctions on Russia, major European insurance companies had reduced coverage for Russian oil ships. India’s biggest challenge was to develop alternative insurance arrangements. Now, by approving Russian companies, India has found a significant solution to this problem.