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As sanctions bite, these ‘obscure’ new players are shipping half of Russia’s oil to India & China
With Russia facing crippling sanctions from the West, dozens of new middlemen, including companies without prior records, have been handling the trading of Russian oil to countries like India and China
At least 40 such middlemen handled Russian oil trading between March and June, according to a Reuters tally.
The new players have shipped at least half of Russia’s overall crude and refined products exports of 6-8 million barrels per day (bpd) on average this year, turning the little-known companies collectively into some of the world’s largest oil traders.
The reporting shows that in May, Russia, one of the world’s top three oil producers, supplied record volumes to China and India, which have not imposed sanctions on Moscow and became its leading buyers since the war in Ukraine.
India has been one of the top buyers of discounted Russian oil over the last few months with domestic refiners lapping up crude from the European country at attractive prices.
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