India supports Sogaz, Ingosstrakh and others under US sanctions
- 24.01.2025 12:40
CONTENT
- India and Russian insurance companies: what is behind the decisions?
- New list of "approved": who made it in?
- Politics or Business: How Does New Delhi Balance Sanctions and Profits?
- Washington vs. Moscow: The Effect of Sanctions and India’s Response.
- Risks for India: The price of playing on Russia’s side.
India Continues to Support Russian Business Despite US Sanctions
India, which is keen to maintain cheap Russian oil supplies, has taken another step to circumvent international sanctions. Amid increased pressure from the US and recent restrictions imposed on a number of Russian companies, New Delhi is expanding the list of Russian insurers allowed to provide services in the country. But at what cost?
The focus was on the decisions of the Indian shipping regulator, which issued multi-year licenses to a number of Russian insurance companies. Against the backdrop of a new wave of sanctions, this event deserves special attention. This is reported by RED AXE MEDIA
Who made it onto the approved list?
According to the Directorate General of Shipping of India documents, the licences have been extended for the following companies:
- Sogaz Insurance , Alfa Insurance and VSK Insurance can now operate until February 2030.
- Saglasnost has received permission to provide insurance to ships calling at Indian ports until 2026.
- Ingosstrakh - the company will also continue its operations in India until 2029.
These companies provide insurance for tankers transporting Russian oil, which allows them to bypass sanctions.
Oil is more important? Politics or business
India’s position is clear: New Delhi wants stable supplies of oil at a reduced price. Russia, which has found itself under severe sanctions, is actively offering raw materials at large discounts. India, in turn, is using this to its advantage, turning a blind eye to diplomatic pressure from the West.
However, behind this “good deal” there are obvious risks. Cooperation with Russian companies under sanctions could lead to economic and diplomatic complications for India itself.
US sanctions and their effect
Recent US sanctions have hit not only Russian oil companies but also insurance firms, including Alfa Insurance and Ingosstrakh . Washington says the measures are aimed at reducing Moscow’s oil revenues.
But instead of the expected pressure on Russia, the sanctions have encountered an unexpected obstacle: India continues to actively support Russian business, introducing its own rules of the game.
The Price of Cooperation: Risks for India
At first glance, such cooperation brings only benefits to New Delhi. But behind it there are many problems:
- Diplomatic conflicts: The US may reconsider its policy towards India, tightening its control over bilateral relations.
- Economic consequences: Indian companies working with Russian partners may themselves be subject to sanctions.
- International reputation: Such support from Russia may worsen the attitude of other countries towards India.
Washington and Moscow: Clash of Interests
India’s move clearly demonstrates that geopolitics and economic interests intersect in the most unexpected places. Washington is trying to corner Moscow by imposing more and more sanctions, but New Delhi seems to prefer to protect its own interests, even if this draws criticism from the West.
