Tightening sanctions from the United States (US) and other Western powers on Russia’s oil trade appear to have had no impact so far on India’s Russian oil purchases, with delivered volumes in March rising over 6 per cent over February levels to a four-month high of nearly 1.7 million barrels per day (bpd), accounting for a third of New Delhi’s total oil imports for the month, as per preliminary data from commodity market analytics firm Kpler.
Russian supplies to India increased by around 8.5 per cent to 1.66 million barrels per day (bpd) (in March 2024), the highest since November 2023, from 1.53 million bpd in February 2024, according to sources.
In the latest action against oil tankers over alleged violation of the G7 price cap of $60 per barrel on seaborne Russian crude, the US on February 23 sanctioned Russia’s state-owned shipping major Sovcomflot along with 14 tankers associated with it.
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