Indian refinery refuses to buy Russian oil due to Western sanctions
Photo: Indian refinery refuses to buy Russian oil (Getty Images)
Indian refiner Bharat Petroleum Corp is avoiding purchases of Russian Sokil crude oil due to Western sanctions, reports Reuters.
It is noted that India relies mainly on Urals oil, there are currently no offers for Sokil crude oil, and the Urals market has also become tense.
"Urals oil, Russia's flagship export blend loaded from its western ports, is mostly supplied to Asia due to a European Union embargo on Russian oil, with India becoming its top buyer for seaborne oil," Reuters writes.
Meanwhile, Bharat Petroleum Corporation's supply of Russian oil has not been interrupted by the Red Sea crisis, and the company will buy oil from any source as long as it is financially viable.
Sanctions against Russian oil industry
The G7 countries, the EU and Australia imposed a price ceiling on Russian oil delivered by sea at the level of $60 per barrel. From February 5, 2023, similar restrictions began to apply to the supply of petroleum products from Russia.
The marginal cost was determined at the level of 100 and 45 dollars per barrel, depending on the category of oil products. It is reported that changing these restrictions requires the consent of all EU states and G7 members.
Subsequently, Western sanctions led to the fact that half of Russian exports of oil and petroleum products went to China in 2023, while India's share increased to 40% in two years. Europe's share in oil exports from Russia fell tenfold - to approximately 4-5%.
Earlier it was reported that Japan and other countries of the Big Seven plan to strengthen the rules for compliance with the price ceiling for Russian oil importers from February 20.
