India plans to ban unloading of sanctioned tankers with Russian oil
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Mon, 13 Jan 2025 18:01:00 +0200
India to block Russias shadow fleetThis was reported to Bloomberg by a highranking Indian official on condition of anonymity, Ukrinform reports.An Indian official said that ships under sanctions will not be allowed to unload cargo.
This does not apply to ships chartered before January 10, provided they unload by March 12.Indian banks will also require certificates of origin for oil.The official added that Indian refineries are in talks to enter into longterm agreements with Middle Eastern countries.
Oil supply is not a problem.
OPEC has 3 million barrels per day of spare capacity, while nonOPEC suppliers such as the US, Canada, Brazil, Guyana can easily increase volumes.
Oil prices are a problem, but the rise above 80 is unlikely to last long.
India is also currently reviewing the participation of stateowned companies in the Vostok oil project, which has been subject to sanctions.If Russian supplies decrease, Indian refiners may lose the discounts they used to enjoy.The official added that the impact of the sanctions will be felt when the transition period ends in two months.US announces sanctions against Russias shadow fleetOn January 10, the US announced its most aggressive sanctions yet on Russias energy trade, just days before Donald Trump replaces Joe Biden as president.Since then, oil prices have soared above 80 per barrel.Chinese and Indian refiners said they would seek oil suppliers from the Middle East, Africa and America as new US sanctions against Russian oil producers and ships will limit supplies to Moscows main customers.
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