India's Jan Russian crude imports surge despite sanctions, but risks loom

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India's Jan Russian crude imports surge despite sanctions, but risks loom - Business Standard

Quick Summary:

Russian traders are now offering only $1.5-$2 per barrel discounts on delivered Russian oil, compared to $3-$3.5 per barrel in December, refining sources said.

The toughest US sanctions on Russian crude oil supplies proved inadequate to stanch India’s appetite for the discounted grades in January.

US oil shipments surged fourfold to 296,000 bpd for a 6 per cent share of total crude imports in January from December.