The tightening enforcement of US sanctions is affecting India’s oil trade with Russia, prompting refineries to explore alternative suppliers. While Russia remains the dominant supplier, there are indications that refiners are increasing purchases from other sources. Saudi Arabia’s overall oil imports to India have surged by 22% this month, with major refiner Reliance Industries recording its highest volume since May 2020. However, India’s refiners express interest in procuring more Russian oil, contingent on US approval. The price advantage of Russian oil has narrowed, and increased scrutiny by banks is pushing Moscow to seek payment in yuan.
US Sanctions Impact India’s Oil Trade with Russia, Prompting Consideration of Alternatives
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