Russian oil imports up...

THE US LAST month imposed sanctions on Russia’s oil companies Lukoil and Rosneft that largely fund Moscow’s war against Ukraine.

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The sanctions mark a significant escalation and are poised to reshape India’s crude import strategy, as per analysts.

India, which imports roughly 90% of its crude needs, will face near-term disruption as these sanctions effectively turn the Russian oil molecule —at least from these two entities — into a sanctioned commodity, shifting the market dynamic from influence to enforcement, Kpler had said.

In October, the average price of Russia’s Urals crude fell by 4% to $59 per barrel, remaining above the newprice cap of $47.6 per barrel, as per CREA’s analysis.