Key Points
India's Russian oil imports rose a nine-month high in April after shipments on non-sanctioned tankers operated by Russia's largest shipping company Sovcomflot resumed, tanker data obtained from shipping and trade sources showed..
Refiners in India briefly stopped importing Russian oil in tankers belonging to Sovcomflot after the company's ships, along with its 14 tankers, were designated by Washington in February as being in breach of Western sanctions...
The West has imposed the sanctions against Russia since it invaded Ukraine in 2022 and has enacted price caps on oil and oil products loaded at Russian ports aimed at cutting Moscow's oil revenue that funds the war...
In April, the first month of the fiscal year 2024/25, Indian refiners shipped in nearly 1.8 million barrels per day (bpd) of Russian oil, up about 8.2% over the previous month, expanding Russia's share in India to about 38% from 32% in the previous month, the data showed...
However, increased purchases of Russian oil dented Indian refiners' overall purchase of Iraqi and Saudi Arabian oil during the month, dragging down the share of Middle Eastern oil to 41% from 46% in March, the data showed...
