Following Moscow’s invasion of Ukraine in February 2022, Indian refineries increased their acquisition of Russian oil.
Despite sanctions imposed by the US on 14 vessels, including those linked to Russia’s Sovcomflot, scheduled deliveries to Indian refineries are expected to continue without significant issues.
While Indian refiners receive Russian oil on a delivered basis, complying with regulations and price caps, there may be reluctance to accept oil from sanctioned tankers following the 45-day grace period allowed for offloading.
Indian government officials have stressed the importance of securing discounted Russian crude for energy security, emphasizing the role it plays in stabilizing global energy markets.
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