India's Russian Oil Imports Surge Amid US Sanctions Waiver Expiry
Looming expiry of US sanctions waiver sets off scramble for Russia oil
Business Standard
Image: Business Standard
India's imports of Russian oil have soared to record levels, accounting for over half of the country's total oil imports, due to fears surrounding the impending expiry of a US sanctions waiver. Refiners are racing to secure supplies ahead of potential restrictions.
- 01India's Russian oil imports have reached record highs.
- 02Over half of India's total oil imports now come from Russia.
- 03The surge is driven by concerns over the expiry of a US sanctions waiver.
- 04Refiners are acting quickly to secure oil supplies.
- 05Industry officials confirm the significant impact of the sanctions waiver on oil purchasing decisions.
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The impending expiry of a US sanctions waiver has led to a dramatic increase in India's imports of Russian oil, which now constitute more than 50% of the country's total oil imports. Industry officials and ship tracking data indicate that refiners are scrambling to secure supplies as they anticipate potential restrictions that could follow the waiver's expiration. This surge reflects the broader geopolitical dynamics affecting global oil markets, particularly as countries navigate the complexities of energy sourcing amid sanctions and international relations.
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The surge in Russian oil imports could stabilize India's energy supply amid potential future sanctions, impacting prices and availability for consumers.
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