India's largest refinery has stopped buying Russian crude oil carried on Sovcomflot tankers as the U.S. tightens sanctions enforcement.
India’s largest refiner, Reliance, has stopped buying crude oil sourced from Russia and carried on tankers owned by Sovcomflot as the U.S. tightened sanction enforcement. The information comes from two unnamed sources familiar with the situation who spoke to Reuters. Sovcomflot was among a number of Russian entities that were individually targeted with U.S. sanctions last month.
sanctions, Refining margins for India’s biggest state-owned refiners had dropped amid more difficult access to Russian crude and soaring freight rates due to the Red Sea disruption to shipments, analysts and traders said last month. As a result of the U.S. sanction enforcement, Indian refiners are turning increasingly to U.S. crude, too, per a recent Bloomberg report. Since the start of March, Reliance and the two largest state-owned oil refiners, Bharat Petroleum and Indian Oil Corp.
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