India rejects oil shipment from sanctioned Russian producer – Bloomberg
Illustrative photo: India has refused to accept oil from a sanctioned Russian producer (Getty Images)
The oil tanker Cordelia Moon, carrying crude from a Russian producer, has come under US sanctions and has been drifting off India's west coast for two days, according to Bloomberg.
The Cordelia Moon was scheduled to unload at Vadinar Port on February 9, shortly after loading approximately 1 million barrels of Urals crude at Russia’s Novorossiysk port. However, the cargo belongs to Surgutneftegaz, one of the two Russian oil producers sanctioned by the US on January 10.
This marks the first recorded instance of a tanker arriving with crude from Surgutneftegaz that was loaded after the US Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions. At least four more tankers are expected to arrive in the coming weeks, while another vessel carrying oil from Gazprom Neft is already en route.
India's Oil Minister Pankaj Jain stated that the country would not accept shipments from sanctioned companies if they were loaded after January 10. However, he added that he has no information regarding the Cordelia Moon.
US sanctions against Russia
In early January, the US Treasury Department announced sweeping new sanctions against Russia’s energy sector. The measures targeted the country’s largest oil company, Gazprom Neft, as well as Surgutneftegaz.
The sanctions list also included more than 180 vessels, along with dozens of oil traders, service providers in the oil industry, insurance companies, and energy sector officials.
According to Reuters, the new US sanctions on Russian oil companies represent the most extensive restrictions imposed on Russia’s energy sector. Russia could lose billions of dollars per month as a result.
