India has been able to push back against the G7 decision of a cap on Russian oil lately because of the success of the Rs 500 crore insurance pool to underwrite imports to India, a government official told.
It has taken away the concerns in New Delhi about the fallout of the imminent risk that the global insurance industry will throw at Russia from this winter. No consignment of oil and gas contracted at prices above the cap from Russian ports will get a cover from the global insurance industry.
A top official said the pool had insured over 25 voyages since it was formed in June under national reinsurer GIC Re. It was named as a fertiliser pool with a corpus of Rs. 500 crore, but covers the risks of oil and gas imports from Russia, too. At present, India imports 5-7 oil and gas consignments from Russia each month.
