“Russian oil companies suffered a new blow on the Indian market, which, after the start of the full-scale war, significantly increased purchases of barrels from the Russian Federation and became their second largest importer of barrels in the Russian Federation after China.”, — write: epravda.com.ua
Russian oil companies suffered a new blow on the Indian market, which, after the start of the full-scale war, significantly increased purchases of barrels from the Russian Federation and became their second largest importer of barrels in the Russian Federation after China. This is written by The Moscow Times with reference to EnergyIntel. As reported by EnergyIntel, Indian banks began blocking payments for oil of Russian origin after the strengthening of American sanctions, which included more than 180 tankers of the “shadow fleet”, “Gazprom Nafta”, “Surgutneftegaz”, insurance companies, as well as 6 top managers of oil and gas companies. Banks and oil refineries of India, which cover a third of oil imports with Russian supplies, have different interpretations of the sanctions of the Joe Biden administration, which came into force on January 10. According to EnergyIntel, state-owned State Bank of India and Punjab National Bank are showing the most caution, while private banks have taken a softer stance.Advertisement: Last year, Russia exported 1.7 million barrels per day to India, or almost half of all sea deliveries of oil. The sanctions became known when the refineries were negotiating purchases for March, which forced them to urgently look for alternative suppliers. According to Reuters, Indian plants have already agreed to purchase raw materials from Oman and the UAE. In addition, they have started negotiations with Saudi Arabia and are looking for suppliers in West Africa. According to estimates by S&P Global Commodity Insights, the sanctioned Surgutneftegaz and Gazprom Nafta provided about 20% of Russian oil exports to India, and blacklisted tankers transported 450,000 barrels per day to the country, or a quarter of all supplies. Advertisement: The Indian government has decided that sanctioned tankers will not be able to enter the country’s ports after 12 March – the dates when the period set aside by the US Treasury Department for the completion of all transactions with persons included in the “black lists” will end. Until that date, India is ready to accept tankers loaded before the date of sanctions. We will remind: India is likely to increase purchases of American oil and gas after US President Donald Trump announced his intention to maximize production of these resources.