Business
Oil tanker (Pic Via Wikimedia)
Russia has reportedly reneged on its vow to block sales under the G7-imposed price cap on crude oil, with at least seven Russian crude oil cargoes shipped to India on western-insured tankers since the cap's implementation on 5 December.
At least seven Russian crude oil cargoes have been loaded on to western-insured tankers since the price cap started on 5 December, according to Financial Times's analysis of shipping and insurance records.
The price cap allows buyers of Russian crude oil to access western services, such as insurance and brokering, essential for global seaborne trade in oil, only if they attest to paying less than $60 per barrel.
The seven tankers, carrying a total of around 5 million barrels of crude and departing from Russia's Baltic ports, have listed India as their destination.
The development comes as India along with China have emerged as the largest buyers of Russian crude oil since the beginning of Russia-Ukraine war in February this year.
Indian refiners Reliance and Bharat Petroleum Corporation Limited are said to be the buyers of some of the cargoes, according to the shipping data.
The price cap was implemented to keep Russian oil flowing and prevent supply shortages, but at a lower price to reduce the Kremlin's revenues. Putin has threatened to cut production in response to the cap.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest