• New EU Russia curbs may bolster Indian oil refiners’ reliance on traders

    Indian private refiners that have leveraged cheap Russian crude to boost margins will be forced to find workarounds and rely more on traders to find new markets for their products after the latest round of European Union sanctions, traders and industry sources said.

    Russia is India’s top oil supplier, and refiners such as Reliance Industries and Nayara Energy have benefited in recent years from pressure on Russian crude prices from sanctions linked to its invasion of Ukraine. Many have then exported refined products to buyers in Europe.

    However in its 18th package of sanctions against Russia, approved on Friday, the European bloc banned imports of refined petroleum products made from Russian crude coming from third countries, excluding a handful of Western nations.

    Share This
    Facebooktwitterlinkedinyoutube