“India to abandon oil tankers hit by new US sanctions over transportation for Russia – BloombergIndia plans to ban the unloading of oil tankers that have been sanctioned by the United States for transporting Russian cargo. The
country will look for alternative oil suppliers from the Middle East and other regions.”, — write: unn.ua
Details
On Friday, the United States announced its most aggressive sanctions yet on energy trade with Russia, just days before Joe Biden is to be replaced by Donald Trump as President of the United States. Since then, oil prices have risen to more than $80 per barrel, and key traders, insurers, and about 160 tankers have been designated by the U.S. Office of Foreign Assets Control (OFAC).
A senior Indian official told reporters that the sanctioned vessels will not be allowed to unload. This does not apply to vessels chartered before January 10, provided they unload by March 12.
The official, who asked not to be named due to the sensitivity of the issue, also said:
- “The impact of the sanctions will be felt when the wind-down period ends in two months.
- “Oil supply is not a problem. OPEC has 3 million barrels per day of spare capacity, while non-OPEC suppliers such as the US, Canada, Brazil, Guyana can easily add barrels.
- “Price is a problem, but the rally above $80 shouldn’t last long.
- “India’s refineries are heading to negotiate urgent supplies with Middle East suppliers. Depending on the market, they may look for additional barrels.
- “India is investigating what is happening to the share of state-owned companies in the sanctioned Vostok oil project.
- “Indian refineries may lose the discounts they have been receiving on Russian oil if supplies become scarce.
- “Russia has not yet announced its position on sanctions”.
- “Russia will find ways to deliver its barrels to India”.
- “Indian banks will require certificates of origin to ensure that crude oil is not coming from sanctioned suppliers.
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