India’s largest oil concern buys Russian oil again
31 October 11:03
India’s largest oil company, Indian Oil Corp (IOC), is resuming purchases of Russian oil. The company has purchased five batches of oil for delivery in December from suppliers that are not subject to sanctions, Reuters reports, citing trade sources, "Komersant Ukrainian".
In total, it is a purchase of 3.5 million barrels of Russian ESPO oil. According to the agency, this means that the company is resuming purchases despite the growing US pressure on India to stop importing oil from Russia. IOC’s CFO Anuj Jain had previously stated that the concern would continue to purchase Russian oil if the supply did not violate international sanctions, Reuters recalls.
US sanctions against Lukoil and Rosneft
The United States imposed new sanctions against Russia on October 22, explaining this step by “Russia’s lack of serious interest in the peace process” to end the war in Ukraine unleashed by Moscow. The two largest Russian oil companies, Rosneft and Lukoil, as well as their subsidiaries located in Russia, were blacklisted. Violations are subject to “civil and criminal sanctions against US citizens and foreign nationals”.
After that, it was reported that China and India are preparing to drastically reduce imports of Russian oil. In particular, it became known about two oil tankers heading from Russia to India that interrupted their course after the US announced sanctions. The first one turned around in the Baltic Sea, while the second has been drifting off the west coast of India for several days.
