Bargain Hunters

July 7, 2023

India is taking advantage of Western sanctions against Russia

Recent reports from Russia’s TASS news agency cited numbers from the country’s Accounts Chamber (the state organization that monitors and audits Russia’s federal budget funds).  According to these numbers, the Asia Pacific region purchases almost 50% of Russia’s energy exports.  Within that region, India is by far Russia’s largest customer.  In June, India bought 60% of all exports of Russian Urals, according to data from Refinitiv.  The rapid increase in India’s purchases of Russian crude is remarkable.  In this week’s Tanker Opinion, we will take a look at this phenomenon and the impact it had on global oil trade flows and the tanker market. /p>

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