The import ban will give companies involved in the oil trade with Russia – such as these refiners – 45 days to wind down their contracts with Russian energy suppliers. Figuring that something like this might be coming, US companies have alrea...
With Russia intensifying its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden announced a U.S. ban on imported Russian oil.
The West late last December set a $60 price cap on seaborne exports of Russian oil, part of sanctions seeking to punish Moscow for its war on Ukraine. The mechanism bans Western companies from providing the maritime services, including financing, insurance, and shipping for oil...
Here’s one possible explanation for Washington’s change of heart: India is buying Russian crude at deep discounts — something the West can’t do because of sanctions, or doesn’t want to do because of the optics. Then India refines that same Russian oil and exports it onward to the U...
Shell said Tuesday that it wouldstop buying Russian oil and natural gasand shut down its service stations, aviation fuels and other operations there, days after Ukraine’s foreign minister criticized the energy giant for continuing to buy Russian oil. ...
But imports of Russian oil have been declining rapidly as buyers shunned the fuel. Because the amount of oil the U.S. imports from Russia is modest, Russia could potentially sell that oil elsewhere, perhaps in China or India. Still, it would probably have to sell it at a steep discount,...
Russian Oil Cargoes Head Away From India Amid Payment Issues Rakesh Sharma – Bloomberg A number of vessels hauling crude from Russia that had been idling off India are now headed away from the country eastwards, amid concerns over oil payments to Moscow that spurred a slump in arrivals last ...
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Russian Chill ; As India cosies up to the US, its distance with all-weather friend Russia gets wider. Will Manmohan be able to bridge it?Saurabh Shukla
Private oil companies in India may already be backing down, however. Companies such as Reliance Industries, the conglomerate run by India's wealthiest man, decided to halt oil imports from Iran last month, Reuters reported. Nayara Energy — owned by Russian oil giant Rosneft — is also report...