Russian oil may flow to India through loopholes despite new US sanctions

Trump announced fresh sanctions on two of Russia's largest oil companies in a bid to stop the Ukraine war. But this is not likely to spell the end of Russian oil flows to India, a major buyer

It might be too early to pronounce the end of the $69 billion India-Russia oil trade from Wednesday’s sanctions by Washington on two of Russia’s biggest oil producers and new sanctions package by the European Union on Russian oil and gas. 

 

There is a loophole: While the US sanctioned Russian firms Rosneft and Lukoil, Russian oil itself was spared by both Washington and Brussels, experts and refining officials said, with the result that it continues to trade in the world market. 

 

Indian refiners will break no law, domestic or international, for buying Russian oil if the seller is not sanctioned,