Indian refiners are reconfiguring their relationships with oil traders, insurers, and shipping operators to secure a consistent supply of discounted Russian crude while adhering to the latest U.S. sanctions, as reported by Bloomberg. In light of the U.S. sanctions imposed on January 10, which targeted numerous tankers transporting Russian oil to Asia and introduced further restrictions on traders and networks associated with Russia’s energy sector, India is actively seeking to obtain supplies from entities that are not blacklisted. With more than 80% of its crude oil requirements fulfilled through imports, India is grappling with escalating costs and a diminishing availability of affordable Russian barrels, prompting refiners to distance themselves from tankers that are explicitly sanctioned. Indian officials have indicated that the country will persist in its purchase of Russian crude as long as it remains below the $60-per-barrel price cap, is transported by non-sanctioned vessels, and does not involve any blacklisted companies or individuals. Currently, the U.S. has clarified that the Russian oil tankers sanctioned last month may continue to offload crude at Indian ports until February 27, providing temporary relief; however, the future of India’s trade with Russia remains uncertain.
