Manturov did not rule out the creation of a joint reinsurance company with India for oil supplies

Russia is discussing with India the creation of a new reinsurance company for oil supplies, it is likely that it will be created before the end of 2023. Deputy Prime Minister Denis Manturov, the head of the Ministry of Industry and Trade, told reporters about this, noting that such a structure would not appear in the near future.

“This topic is on the agenda of our financial bodies, in particular, the Central Bank. To say that tomorrow an agreement has been signed and a structure has been created – there is no such thing yet, ”Mr. Manturov answered the question about the possible creation of a joint reinsurer company with India for oil supplies (quote from “RIA News”). The Deputy Prime Minister did not rule out that such a structure could be created this year. “There is still a lot of time until the end of the year,” he said.

Today, April 17, Denis Manturov Meets with business representatives from Russia and India. The meeting was held as part of a business dialogue on the eve of the 24th meeting of the intergovernmental commission. Indian Foreign Minister Subramanyam Jaishankar also attended the meeting.

Since December 2022, the European Union has banned the import of Russian oil by sea with a number of exceptions, and also set a price ceiling for raw materials from the Russian Federation at $60 per barrel: EU companies are prohibited from providing transportation and insurance services if oil is sold above this limit. At the same time, the export of Russian oil by the shadow fleet can be dangerous, note experts.

Russian Deputy Prime Minister Alexander Novak at the end of March saidthat the export of Russian oil to India in 2022 increased by 22 times. According to the International Energy Agency, India and China account for 70% of domestic oil exports.

Read more in the publication “Kommersant” “No one canceled the plan for the shaft”.

Maria Fedotova