The world is looking towards Hormuz, India along with Russia has ensured oil supply for the next 4 years.

New Delhi: The increasing tension between America and Iran and the blockade of the ‘Strait of Hormuz’ has created an oil and gas crisis all over the world. Amidst this global turmoil, India has played such a strategic move, which has forced even the western countries to think. Taking a major decision to continue the supply of Russian oil without any interruption, the Indian government has increased the list of Russian insurance companies. With this step, India’s oil supply has been secured for many years to come.

11 companies got green signal

According to the latest decision of the Directorate General of Shipping (DGS), now the number of Russian companies to provide insurance to oil ships calling at Indian ports has been increased from 8 to 11. These companies will provide ‘Protection and Indemnity’ (P&I) cover. This insurance is most important in maritime trade, because without it no ship can enter international ports.

circumvented western sanctions

In fact, after the Russia-Ukraine war, Western countries had imposed strict sanctions on Russia. Due to this, major insurance companies of Europe had stopped providing cover to ships carrying Russian oil. The biggest headache for India was how to bring cheap Russian oil home. Now, by giving recognition to Russian companies, India has removed the pressure of western countries and the hindrance of insurance forever.

Sure arrangement till 2030

India has taken this decision not just for today, but keeping the future in mind. Major companies like Gazprom Insurance and Rosgosstrakh have got approval till 2027, while companies like VSK, Sogaz and Alfastrakhovani have been given licenses till 2030. Apart from this, a Dubai company has also been included, so that dependence on options from western countries can be completely eliminated.

‘Safety shield’ amid Hormuz crisis

This step has been taken when tension is at its peak in the Strait of Hormuz. A major part of the world’s oil trade takes place through this route. India is the world’s third largest oil importer and in recent times Russia has emerged as our largest supplier. Experts believe that this decision of India is like a ‘safety shield’. Now, no matter how much instability there is in the world, there will be no interruption in the oil supply to India till 2030.