How India’s imports of Russian oil have lubricated global markets
But as the country’s importance in the global oil market grows, risks loom
In February america slapped new sanctions on Sovcomflot, a Russian state-owned shipping firm responsible for carrying around 15% of Russian oil exports to India. Almost immediately, Indian importers stopped taking shipments from Sovcomflot tankers. But that did little to stem the flow of Russian crude to India, the world’s third-biggest consumer of oil. Deliveries increased by 6% in March, compared with February. Exporters arranged alternative transport to India—probably through the shadow fleet that helps them bypass sanctions. India has also bought Russian crude at prices below the $60-per-barrel price cap imposed by the West. Taken together, these purchases have helped make India the second-biggest importer of Russian oil, behind China.
Explore more
This article appeared in the Asia section of the print edition under the headline “Usefully oleaginous”
From the April 13th 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionDiscover more
The Adani scandal takes the shine off Modi’s electoral success
The tycoon’s indictment clouds the prime minister’s prospects
Priyanka Gandhi: dynastic scion, and hope of India’s opposition
Poised to enter parliament, she may have bigger ambitions than that
The Caspian Sea is shrinking rapidly
This has big implications for Russia, which has come to rely on Central Asian ports
Racial tensions boil over in New Zealand
A controversial bill regarding Maori people punctures its relative harmony
Once a free-market pioneer, Sri Lanka takes a leap to the left
A new president with Marxist roots now dominates parliament too
The mystery of India’s female labour-force participation rate
A good news story? Maybe