Longer voyages, heavy discounts, and record-high freight rates ate into Russia's profits but the use of supertankers on Asian routes may now cut shipping costs.
, and re-insurance companies from handling Russian crude cargoes unless sold for below the $60 cap.
Indian Oil Minister Hardeep Singh Puri said at a press briefing on Thursday, January 12, that India would buy oil from wherever it could secure the cheapest price. Reuters was unable to immediately contact the owners and managers because of a lack of public information about them. While most Russian crude is now heading to China, India, and Turkey in Russian or non-western ships, G7 sanctions have led to a shortage of smaller ice-class tankers – many belonging to Greek and Norwegian companies – needed by Russia to transport its crude from Baltic Sea ports in winter.
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