Saturday, March 23, 2024

All Indian refineries have stopped accepting Russian Sovcomflot tankers due to sanctions

 The two tankers spent several weeks off the coast awaiting instructions to unload.

According to Bloomberg with reference to sources, Sovcomflot tankers with Russian oil in India refuse to accept both private and state oil refiners, including the largest Indian Oil Corporation, informs UAINFO.org with reference to UNIAN.

In addition, according to the publication's interlocutors, the refineries "thoroughly check" the ownership of each vessel to make sure that it is not related to a company that has come under sanctions. Two tankers, as the publication writes, spent several weeks near the shore, waiting for instructions on unloading.

Sovcomflot's problems mean Russia has fewer tankers to deliver oil, which in turn has led to reduced discounts for buyers to offset higher freight costs.

Bloomberg notes that India has been a major buyer of Russian oil since the outbreak of full-scale war, but increased US sanctions have led refiners to seek more expensive oil from other regions.

The increase in the supply of Russian oil by sea, which was observed the week before last, did not become a long-term trend: last Sunday turned out to be a failure for the export of Russian oil by sea. This is reported by Bloomberg.

Volumes of Russian oil exports by sea for the week preceding March 17 decreased by 730,000 barrels per day to 2.97 million barrels per day. The total value of Russian oil exports fell from $1.86 billion in the week to March 10 to $1.48 billion in the week to March 17.

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