Tankers carrying 5 million barrels of Russian oil fail to reach India

0
3K

Six vessels carrying almost 5 million barrels of Russian oil failed to reach their destinations in India, some idling kilometers off the coast for weeks without providing a reason, Bloomberg reported on Dec. 20.

Recent U.S. sanctions targeting the violators of the $60-per-barrel price cap could partially be the reason, the news outlet speculated.

The U.S. Treasury Department sanctioned the NS Century ship, belonging to the Russian Sovcomflot shipping company, on Nov. 16 for violating the price cap.

Two days later, the vessel halted south of Sri Lanka while carrying Russian oil to the Indian port of Vadinar.

In the past week, NS Century was later reportedly joined by two other Sovcomflot-owned tankers carrying oil to Vadinar.

Two more tankers heading to another Indian port, Paradip, also came to a sudden stop before reaching their destinations, and another ship may soon join them, according to Bloomberg.

Five of the listed vessels belong to Sovcomflot.

Both the U.S. and the EU began ramping up sanctions to enforce the price cap on Russian seaborne crude. The measure was imposed last year to limit Moscow's oil revenue without destabilizing global markets.

Although Russia managed to largely avoid the cap in recent months by using a fleet of uninsured "ghost" tankers, Russian oil and gas profits dropped by 41% in 2023 amid tightening sanctions.

With the West weaning itself off Russian oil, Moscow turned to new markets like China and India, offering discount prices.

India is an especially important customer for Russia, as it has been buying more than 60% of Russia's seaborne oil, making it the second buyer of Russian seaborne crude after China.

Sponsor
Zoeken
Sponsor
Categorieën
Read More
Other
Managed IT Provider: Transforming Business Efficiency Through Outsourced IT Solutions
In today’s fast-paced digital environment, businesses increasingly rely on technology to...
By ruckusnetworkss 2024-09-08 17:58:27 0 2K
Food
Distilled Water Market Analysis, Business Development, Size, Share, Trends, Future Growth
"Distilled Water Market According to the guidelines by World Health Organization, distilled...
By foodieshbt 2023-08-04 10:00:41 0 5K
News
Swift Military Action, Overwhelming Force! How Can India Stun Pakistan If It Dares Another Misadventure:
Military conflicts in the last half century have resulted in a lot of death and destruction...
By Ikeji 2025-06-17 03:41:24 0 666
News
E-Procurement Tools Market Current Trend and Size Analysis till 2024-2032| 108 Page Report
According to recent findings by Business Research Insights witness, E-Procurement Tools...
By radha004 2025-01-27 12:31:04 0 2K
Sports
India’s No.1 Master Betting ID Provider
Introduction The requirement of credible, safe, easy-to-use avenues in the active and rapid...
By 1xbetfairvip 2025-06-17 05:25:45 0 814
Sponsor
google-site-verification: google037b30823fc02426.html