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OIL: India Targeting Non-Sanctioned Russian Oil: Oil Secretary

OIL
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India only wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the U.S. the country's oil secretary said to Reuters at India Energy Week.

  • "It is the responsibility of the supplier to deliver to me something that meets my requirements of compliance," Oil Secretary Pankaj Jain said.
  • "We don't want to take risk. We are not going to touch any cargo that involves sanctioned entity or ships in the supply chain," an Indian refining official said to Reuters separately.
  • Bloomberg reported this week that Indian buyers have been looking for ways to use non-sanctioned ships while alternative insurance is also being found.
  • Markets are watching to see if cargoes loaded after the sanctions window are able to offload into India or end up diverting or floating.
  • When Sovcomflot sanctions originally emerged, a lot of cargoes ended up diverting towards China until workaround emerged. 
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India only wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the U.S. the country's oil secretary said to Reuters at India Energy Week.

  • "It is the responsibility of the supplier to deliver to me something that meets my requirements of compliance," Oil Secretary Pankaj Jain said.
  • "We don't want to take risk. We are not going to touch any cargo that involves sanctioned entity or ships in the supply chain," an Indian refining official said to Reuters separately.
  • Bloomberg reported this week that Indian buyers have been looking for ways to use non-sanctioned ships while alternative insurance is also being found.
  • Markets are watching to see if cargoes loaded after the sanctions window are able to offload into India or end up diverting or floating.
  • When Sovcomflot sanctions originally emerged, a lot of cargoes ended up diverting towards China until workaround emerged.