Traders spring up in West Asia to supply sanctioned Russian oil to Indian refiners

Indian private sector and state-run refiners continued to receive crude oil from Russian suppliers even after November 21 — the winding-down date for US sanctions on supplies from leading Russian oil producers imposed in October —as new intermediaries sprung up in West Asia to sell the oil, according to senior refining sources and ship tracking data.

- S DINAKAR

Some of the cargoes are still being supplied by sanctioned Rosneft, Russia’s biggest oil producer, data from maritime intelligence agencies Kpler and Vortexa showed.

The new sellers of Russian oil, outside the ambit of western sanctions, include firms like Alghaf Marine, Redwood Global Supply, RusExport, Rusvietpetro, Neftisa, Dakkor, MorExport, Grewale Hub Fze, and East Implex Stream FZE, according to Kpler and Vortexa data accessed by Business Standard. The data is based on information about buyers and sellers provided in the bills of lading (BOLs) used in transactions, a Kpler official said.

Other UAE-based sellers of Russian crude include Primegrowth, Oryx, Augusta, Amur Investments, and Nexus (formerly Tejarineft), Energy Intelligence reported and Indian refiners confirmed.

The emergence of new sellers reflects the importance of the $50 billion IndoRussian crude oil trade to producers and refiners of both nations, even as the discounts on offer on Russian oil expanded to the highest since 2023 and tripled from early 2025, senior refining sources said. Alternative supplies from West Asia and the US, while copious, are much more expensive, officials said.