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Indian Refiners Pause Spot Russian Crude Arrivals for After Dec Sanctions

OIL

Two refiners in India have stopped buying spot cargoes of Russian crude for arrival after the start of sanctions from Dec 5 according to Bloomberg sources.

  • IOC and BPCL have paused spot purchases until more clarity is available for the impact of the EU ban on Russian seaborne crude and the G7 oil price cap.
  • Indian refiners are awaiting clarity on the impact the sanctions will have on finding ships and making payments for the cargoes. They also have concerns around the implications of secondary sanctions.
  • Spot purchases are often free-on-board (FOB) and require the buyer to cover the logistics and insurance.
Energy BulletsCommodities
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