US sanctions on Russian oil shipments a worry for Indian refiners

Enhanced enforcement of sanctions by Western powers may increase procurement costs and reduce the appeal of discounted Russian crude

Fresh US sanctions on Russian shipping companies threaten to hurt supplies of oil this year to Moscow’s second-biggest customer — Indian refiners.

Enhanced sanctions enforcement by western powers will eventually increase procurement costs and reduce the appeal of discounted Russian crude, which accounts for a third of India’s oil imports, industry officials said.
 

For now, Indian oil companies are staring at uncertainty after Washington placed Dubai-based shipping operators Sun Ship Management and Hennesea Holdings under fresh sanctions. These are over violating the $60 a barrel price-cap rule imposed by the G-7 in December 2022, industry officials said.
 

China has escaped