Previously, Moscow had to rely on Western firms providing coverage for its oil exports. The change will substantially weaken the effectiveness of G7-imposed price caps on Russian oil sales across the globe. The Indian Directorate General of Shipping now lists Russian insurers AlfaStrakhovanie, Sogaz, and VSK as authorized for maritime insurance until Feb. 20, 2025. Additionally, Ingosstrakh’s insurance coverage will be accepted through March 2029. Three anonymous sources told Bloomberg that the Russian National Reinsurance Company (RNRC) backs the coverage for all four providers. Read also: Ma…