India's Russian oil imports rise to nine month high in April
India's imports of Russian oil surged to a nine month high in April after shipments on non-sanctioned tankers operated by Russia's largest shipping company, Sovcomflot, resumed, according to tanker data obtained from shipping and trade sources.
Indian refiners had briefly halted the import of Russian oil using Sovcomflot's tankers after the company, along with its 14 tankers, was designated by Washington in February as violating Western sanctions.
These sanctions, imposed by the West since Russia's invasion of Ukraine in 2022, include price caps on oil and oil products loaded at Russian ports, aiming to cut Moscow's oil revenue that funds the war. Despite these sanctions, India, the world's third-largest oil importer and consumer, remains the top buyer of Russian seaborne oil.
In April, the first month of the fiscal year 2024/25, Indian refiners imported nearly 1.8 million barrels per day (bpd) of Russian oil, marking an 8.2% increase from the previous month. This rise boosted Russia's share of India's oil imports to about 38%, up from 32% in March.
Overall, India imported 4.8 million bpd of oil in April, a 6.5% decline from the previous month but slightly higher than in April 2023. Russia remained the top oil supplier to India, followed by Iraq and Saudi Arabia.
.png "Advertisement")
