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Free Malaysia Today
28-05-2025
- Business
- Free Malaysia Today
US-sanctioned tankers seen in Russia-to-India crude oil trade
India became Russia's main seaborne crude market following the 2022 invasion of Ukraine as Western buyers shunned the flows. (AFP pic) SINGAPORE : US-sanctioned tankers have emerged in the complex maritime supply chain that ferries Russian oil to India, raising questions about the Asian nation's stance toward the flows just as imports hit a record. Last week, about 1 million barrels of Sokol crude from Russia's Far East were delivered to an Indian refinery. Half of that volume was loaded after two ship-to-ship transfers, one of which involved a US-sanctioned tanker, data from Kpler and Vortexa Ltd show. Other US-sanctioned vessels have transferred cargoes of Sokol that are due to be delivered next month, according to Kpler. Oil traders closely monitor purchases by India, which became the biggest importer of Russian seaborne barrels after Moscow's invasion of Ukraine, as well as US-led efforts to frustrate those flows. The western-led curbs, which were reinforced in January, are broadly designed both to keep oil flowing to avoid a vicious price spike, yet also restrict the benefits for Moscow. India has previously said US-sanctioned vessels won't be allowed to discharge their cargoes in the country, although Prime Minister Narendra Modi's government has also maintained it abides only by UN restrictions, and doesn't follow curbs imposed by any individual country or a bloc. The oil ministry didn't reply to an email seeking comment for this story. 'There will always be an element of calculated risk in Indian imports of Russian crude, but the refiners have mostly played it safe,' said Vandana Hari, founder of Vanda Insights in Singapore. 'Essentially, they can't be held accountable for how the crude is transported,' Hari said. In late March, Viktor Titov, an Aframax that was sanctioned by the US treasury department in January as part of a broad wave of curbs, picked up about 500,000 barrels of Sokol from Russia's De-Kastri terminal, data show. After sailing toward Nakhodka Bay near Russia's Kozmino, Viktor Titov performed a ship-to-ship transfer with Night Glory a week later. That vessel, an Aframax, then sailed to the waters off Malaysia, where it transfered the cargo to a Suezmax, Cordelia Moon, which discharged at the Jamnagar refinery in west India in late May. The Night Glory and Cordelia Moon are both sanctioned by the UK, but not by the US. Reliance Industries Ltd, which owns the Jamnagar refinery, didn't reply to an email seeking comment. Calls made to the UAE-based owner of Viktor Titov, and the China-based owner of Night Glory didn't go through. The safety manager of Cordelia Moon didn't respond to an email. Other US-sanctioned tankers have also been involved in the trade, including Captain Kostichev and Victor Konetsky, Kpler data show. Captain Kostichev loaded 699,000 barrels of Sokol from Sakhalin 1 in late April, then transferred it to Monte 1, which is expected to discharge at Jamnagar in early June. Victor Konetsky did a ship-to-ship transfer to Night Glory in Nakhodka Bay in mid-May. Tankers may switch destinations. Owners of Captain Kostichev and Victor Konetsky, which share the same contact details as Viktor Titov's owner, didn't answer calls seeking comment. Emails to the owner of Monte 1 were unanswered. India became Russia's main seaborne crude market following the 2022 invasion of Ukraine as Western buyers shunned the flows. Imports are set to hit a record 2.196 million barrels a day this month, as new tankers joined the trade following the wave of US sanctions that were announced in January. 'At this moment, the US does not seem to be tightening enforcement or ramping up its Russia oil sanctions,' said Hari. 'If and when that changes, you will probably see the refiners retreat for a while, play it safe. They have now become adept at riding these waves,' Hari added.
Bloomberg
28-05-2025
- Business
- Bloomberg
US-Sanctioned Tankers Seen in Russia-to-India Crude Oil Trade
US-sanctioned tankers have emerged in the complex maritime supply chain that ferries Russian oil to India, raising questions about the Asian nation's stance toward the flows just as imports hit a record. Last week, about 1 million barrels barrels of Sokol crude from Russia's Far East were delivered to an Indian refinery. Half of that volume was loaded after two ship-to-ship transfers, one of which involved a US-sanctioned tanker, data from Kpler and Vortexa Ltd. show. Other US-sanctioned vessels have transferred cargoes of Sokol that are due to be delivered next month, according to Kpler.
Russia Today
22-05-2025
- Business
- Russia Today
India's oil imports from Russia surge
India's imports of Russian crude oil are expected to reach around 1.8 million barrels per day in May, the highest level in 10 months, Reuters has reported, citing ship-tracking data from Kpler. The surge is attributed to refiners purchasing more light grades, such as Russia's ESPO Blend. Traders predict that the strong demand for lighter Russian grades will continue until July, driven by Indian refiners who have ordered over 10 cargoes of ESPO crude for June loading, the Reuters report added. ESPO crude refers to oil from the Eastern Siberian-Pacific Ocean pipeline. The most recent purchases of Russian crude by India were made before the EU and UK imposed the latest round of sanctions targeting Moscow's so-called 'shadow fleet' of oil tankers and financial firms. Despite Western concerns, India has strengthened its economic ties with Russia and increased its imports of Russian crude oil throughout the Ukraine conflict. India's imports of Russian crude oil, which were marginally down earlier in 2025, bounced back from March onwards. The surge is attributed to lower prices, which have made it more economical for refiners. Additionally, the decreased prices have led to an increase in the availability of non-sanctioned tankers, facilitating easier transportation of oil for Indian companies. After the imposition of a round of Western sanctions on Moscow in February, New Delhi said it would continue purchasing Russian oil, provided that certain conditions were met. These included a sale price below $60 per barrel, transportation on tankers that are not subject to sanctions, and ensuring that transactions did not involve any sanctioned entities or individuals, according to the Financial Express. Russian crude accounted for over 35% of India's total oil imports in March. The surge in imports in May has helped Moscow solidify its position as a major oil supplier to Asia's third largest economy.
Bloomberg
21-05-2025
- Business
- Bloomberg
Russian Oil to India Extends Rebound With More Far East Flows
India's imports of Russian oil are on track for the highest level in 10 months in May, with more crude being sourced from eastern ports as supply chains are rebuilt after sweeping US sanctions. The South Asian nation has purchased 1.98 million barrels a day from the OPEC+ producer so far this month, according to Kpler, with the Urals grade making up most of the volume. Imports are continuing to climb after tumbling to a 14-month low in February as US penalties disrupted the Russian oil trade.
