NEW DELHI: All of India’s refiners are now refusing to take Russian crude carried on PJSC Sovcomflot tankers due to US sanctions, further complicating the trade that has flourished since the invasion of Ukraine two years ago.
Private and state-run processors including the biggest – Indian Oil Corp – have stopped taking cargoes if they’re on Sovcomflot tankers, said people familiar with the matter. Refiners are scrutinising the ownership of each ship to make sure they’re not affiliated with the company, or other sanctioned groups, they added, asking not to be named because the information is private.
The broader pushback follows a similar move by India’s biggest private refiner, Reliance Industries Ltd, reported earlier last week. The heightened scrutiny on the tanker giant appears to have also swept up other oil ships carrying Russian oil, with two vessels waiting several weeks off the South Asian coast without any indication of when they will unload. — Bloomberg
