India’s Russian oil imports flow heavily despite tighter sanctions.
India’s Russian oil imports flow heavily despite tighter sanctions.
Current Affairs
La Excellence IAS Academy | April 3, 2024
| Syllabus: GS-II; Subject: International Relations; Topic: India’s relations with major powers, Issue: Oil imports. |
Context: Rising oil imports from Russia despite sanctions:
Synopsis:
- Indian imports of Russian oil surged by over 6% in March to nearly 1.7 million barrels per day
- Indian refiners avoid Russian tankers to dodge secondary sanctions.
- Russian exporters manage to deliver oil using non-sanctioned tankers.
- Indian refiners purchase oil on a delivered basis, reducing risk.
- Ship-to-ship transfers increase, ensuring smooth deliveries.
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