Russia, India discuss creating a reinsurance co

NEW DELHI. April 17 (Interfax) - Russia and India are discussing creating a reinsurance company to provide cover for seaborne oil transportation.

"The issue is on the agenda of our financial bodies, in particular, the Central Bank. It's not the case that an agreement will be signed and an entity set up tomorrow," Deputy Russian Prime Minister - Minister of Industry and Trade Denis Manturov told reporters.

He said bureaucracy was hampering progress with this. "We are much more interested in this than they are as of today," he said.

Manturov said such a company might emerge before the end of the year. "There is still a lot of time until the end of the year: only four months have passed, and even then not full ones," he said.

Russian oil companies have lost the opportunity to take advantage of the services of all the global market leaders in this segment due to Western sanctions.