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Russia oil discount to India shrinks to $4; delivery charges still opaque
Mint Mumbai
|July 10, 2023
The steep discounts on Russian crude oil that India has gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said
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Russia bills Indian refiners at a price shade less than the $60 per barrel price cap imposed by the West but charges anything between $11 and $19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to India's western coast, three sources with knowledge of the matter said.
The $11-19 per barrel shipping costs from Russian ports to India -- some of it on the 100+ tankers reportedly acquired by Russian actors for a shadow fleet are higher than rates for comparable distances, such as a voyage from the Gulf to Rotterdam.
Following Moscow's invasion of Ukraine in February last year, Russian oil was sanctioned and shunned by European buyers and some in Asia, such as Japan.
This story is from the July 10, 2023 edition of Mint Mumbai.
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