India Maintains Russian Oil Imports Despite Sanctions
Indian refiners are sourcing supplies from non-sanctioned firms offering significant discounts on Russian oil, according to the report. Purchases are expected to surpass 1.2 million barrels per day, with data from financial markets provider LSEG suggesting volumes could climb to an average of 1.5 million barrels daily by month’s end.
The country’s biggest state-owned refiner, Indian Oil Corp, continues to procure Russian crude at levels consistent with pre-sanctions activity. Meanwhile, Bharat Petroleum has increased its January imports to at least six shipments, compared to two in December, and Hindustan Petroleum is negotiating additional purchases for the same period, the report noted.
The United States introduced sanctions on October 22, requiring companies to cease dealings with Rosneft and Lukoil by November 21. The European Union has also set a January 21 deadline, after which it will prohibit fuel from refineries processing Russian crude.
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