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India Boosts Russian Oil Purchases to €2.6 Billion Despite U.S. Sanctions on Moscow’s Producers
Russian Oil: India's Russian crude oil imports rose 4% in November to a five-month high of 2.6 billion euros. According to the European think-tank CREA, India remained the second-largest buyer of Russian fossil fuels after China.
India's imports of oil from Russia have shown an increase of 4% in November and reached a five-month high of 2.6 billion euros. All this data was made available by an Europe-based research organization named Center for Research on Energy and Clean Air (CREA). As per the given report, a major share of oil imports from Russia is being further shipped as refined products to different nations like Australia.
According to it, India continues to be the second-largest buyer of Russian fossil fuel imports in November, after China. It had paid 2.5 billion euros for buying Russian oil in October. China accounted for 47 percent of Russia’s export of crude oil, followed by India at 38 percent, with 6 percent shared by Turkey and Europe.
It said that India's purchases may actually increase further in December, as shipments loaded before the US Office of Foreign Assets Control (OFAC) sanctions came into effect will be delivered throughout the month. On October 22, the US imposed sanctions on Russia's two largest oil producers, Rosneft and Lukoil.
Due to the sanctions, companies like Reliance Industries, Hindustan Petroleum Corporation Limited (HPCL), HPCL-Mittal Energy Limited, and Mangalore Refinery and Petrochemicals Limited have temporarily halted imports. However, other refineries like Indian Oil Corporation (IOC) continue to purchase oil from the sanctioned Russian companies.
