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Sovcomflot Sanctions May Hit Russian Oil to India

OIL

Recent US sanctions on Russia threaten to hit its oil sales with India according to Reuters sources.

  • The latest sanctions are in retaliation for the death of opposition leader Alexei Navalny.
  • Leadeing Russian tanker firm, Sovcomflot, was brought into focus as part of the latest efforts.
  • The treasury’s latest oil price cap enforcement action, which has seen nearly 30 tankers sanctioned, blocks Sovcomflot’s access to US-owned property and prevents US individuals and firms from doing business with them.
  • Reuters sources said Indian refiners are concerned the latest sanctions will create "challenges" in getting vessels for Russian oil and could drive up freight rates.
  • They added that the efforts may also result in a narrower discount for Russian oil for Indian buyers.
Energy BulletsCommodities
Energy BulletsCommodities

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