Russian oil imports to India in April reached a nine-month high. Tankers from Sovcomflot, which have not been subject to sanctions, are aiding the Kremlin in this endeavor, reports Reuters.
Indian oil refineries temporarily halted the import of Russian oil via tankers owned by Sovcomflot following Washington's imposition of sanctions on 14 vessels belonging to this company.
In April, Indian oil refineries processed nearly 1.8 million barrels per day of Russian oil, approximately 8.2% higher than the previous month. Russia continues to remain the largest supplier of oil to India, followed by Iraq and Saudi Arabia.
Reuters noted that Russians have started utilizing tankers from the largest shipping company, Sovcomflot, which are not under sanctions, for transporting oil to India.
Sanctions on the Russian oil industry
The West has imposed sanctions on Russia since its invasion of Ukraine and introduced price caps on oil and oil products. The intention behind these measures was to reduce Russia's revenues, which it uses to fund its war against Ukraine.
These sanctions are already having some impact. For example, Bloomberg reported yesterday that almost every Russian oil tanker under sanctions remains inactive and empty.
