India received clarification from the US that Russian oil tankers sanctioned earlier this month are allowed to discharge crude at Indian ports until February 27. The US Office of Foreign Assets Control (OFAC) confirmed the deadline, providing some relief for India's oil imports. The wind-down period for financial transactions related to these cargoes ends on March 12. While this clarifies the immediate situation, Indian refiners are already seeking alternative supplies for arrivals after February.
India has received clarification from the U.S. that the Russian oil tankers sanctioned earlier this month are allowed to discharge their crude at Indian ports until February 27, Indian oil secretary Pankaj Jain said on Friday. 'There was a round of clarification by OFAC the U.S. Office of Foreign Assets Control. Formally they did clarify that Feb. 27 is the deadline,' Reuters quoted the Indian official as telling reporters in response to questions about the end of the wind-down period.
The sanctions caught a few million barrels of crude oil en route to India in a precarious situation. At least 4.4 million barrels of crude from Russia are currently being shipped to India, according to ship-tracking data compiled by Bloomberg and Kpler. Some of these are traveling on newly-sanctioned tankers and the fate of part of the cargoes is unknown.
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