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Reliance to Stop Importing Crude on Sovcomflot Vessels

OIL

India’s Reliance will not buy Russian oil loaded on tankers operated by Sovcomflot after the latest US sanctions, sources told Bloomberg.

  • Reliance requested that the new supplies are not shipped by Sovcomflot-operated tankers, the sources added.
  • The US last month imposed sanctions on Sovcomflot and 14 crude oil tankers involved in Russian oil transportation.
  • More Indian refiners are planning to not use Sovcomflot vessels, the sources said.
  • "Our preference is that refiners should not take oil in sanctioned vessels, because of our political and commercial interests and the US sanctions," one of the sources in India's government said.
  • As a result, Indian crude oil imports from Russia may decline due to lower availability of vessels which could boost freight costs, a source said.
  • Russian crude oil exports headed for India averaged around 1.13mbpd in the four weeks to 17 March, Bloomberg ship tracking data showed.
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