Indian oil refineries want to boost supplies of Russian oil ahead of new sanctions coming into effect in a few weeks. This Russia-crude-before-sanctions?sref=fgHqaWRV” target=”_blank”> is reported by Bloomberg, citing sources.
from December 5th to January 19th. These dates coincide with the established grace period for purchases for US and UK companies. The measure was introduced in order to sell parties shipped before the start of the sanctions. At the same time, the European Union has not yet announced a similar decision.
The agency notes that India’s decision to stock up on Russian fuel without falling under sanctions is also evidenced by two Suezmax oil tankers loaded with Russian grade Urals crude oil, currently bound for India. Tankers of this type are considered one of the largest, they are able to pass through the Suez Canal with a full load. The two Indian vessels will arrive in the country after December 5, according to estimates by analyst firm Vortexa.
India is one of Russia‘s most important oil importers, especially after most other buyers refused to supply from -for the outbreak of hostilities in Ukraine. The country buys different grades of oil: both the Urals brand and the Siberian oil grade ESPO (ESPO) and the Far Eastern grade Sokol. According to the results of October, Russia became the largest supplier of oil to India with a result of 946,000 barrels per day. This direction made it possible to compensate for the reduction in supplies to Europe. At the same time, the US is confident that it will be difficult for Russia to maintain export volumes without lowering Russian prices. insurance and financing of ships for the transportation of Russian raw materials, except in cases where the cost of supplies is below a certain level. A price ceiling has not yet been agreed upon.