Business Standard

India's unabated tryst with Russian crude oil is slowly coming to an end

Russian oil now trades above the G-7 price cap, leaving India searching for creative solutions to fill the breach

crude
Premium

New Delhi faces issues at both the micro and macro levels

S Dinakar
India’s unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis — after Washington's warning to transgressors last week.

Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 24 2023 | 7:13 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com