India s Russian oil re-exports seen as sanctions weak link gtreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gtreview.com Daily Mail and Mail on Sunday newspapers.
India s unabated tryst with Russian crude oil is slowly coming to an end.
The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington s warning to transgressors last week.
Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
If Ukrainians do not request a change, the current Oil Price Cap will persist, resulting in a constant game of Whac-a-Mole and implicit approval of Russian oil smuggling, Steven Kopits write.