Try GOLD - Free
Payment woes delay supply of Russian oil to India
Mint Mumbai
|December 27, 2023
Shipments of Russian Sokol crude oil to Indian Oil Corp (IOC) have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East, two people familiar with the matter said.
-
IOC is the only state refiner that has an annual deal to buy a variety of Russian grades, including Sokol, from Russian oil major Rosneft. Sokol oil is supplied to IOC by Sakhalin-1 LLC, a unit of Rosneft, people said.
Indian state refiners settle oil trade with Russia in United Arab Emirates dirhams after the government advised them against use of the Chinese yuan, though private refiners are still paying in yuan owing to a lack of alternatives.
This story is from the December 27, 2023 edition of Mint Mumbai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint Mumbai
Mint Mumbai
Reforms bills prep for monsoon date
Securities, housing laws may be tweaked in monsoon session
3 mins
June 02, 2026
Mint Mumbai
Marengo Asia eyes ₹400 cr fundraise
Marengo Asia Healthcare, the hospital platform backed by Samara Capital and the family offices of the Havells and Godrej groups, is seeking to raise ₹400-500 crore, with LeapFrog Investments, IFC and NIIF, among others, evaluating a minority stake in the company, three people aware of the discussions said.
1 mins
June 02, 2026
Mint Mumbai
India’s GDP growth likely slowed to 7.3% in Q4: Poll
India’s economy likely expanded 7.3% year-on-year in the January-March quarter (Q4FY26), slowing from 7.8% in the previous three months but remaining on a solid footing amid resilient domestic demand, government spending and improved agricultural activity, according to a Mint poll of 15 economists.
1 mins
June 02, 2026
Mint Mumbai
HOW USURIOUS LENDING APPS SURVIVED RBI'S CRACKDOWN
Despite heavier scrutiny, the high-cost lending market has adapted rather than disappeared
9 mins
June 02, 2026
Mint Mumbai
Indian companies eye tariff refunds after US SC ruling
Indian exporters across sectors such as tyres, tractors and apparel are scrambling to figure out how they can recover the Trump administration’s hiked tariffs on shipments to the US after its top court struck them down as illegal, paving the way for potentially significant refunds.
3 mins
June 02, 2026
Mint Mumbai
India has reimagined coal usage for the age of net-zero targeting
The Centre's coal gasification plan offers secure energy supply without compromising climate goals
3 mins
June 02, 2026
Mint Mumbai
HOW HENRYS CAN TURN INCOME INTO LASTING WEALTH
HENRYs (high earners, not rich yet) may earn impressive salaries but fail to build wealth despite years of professional success.
2 mins
June 02, 2026
Mint Mumbai
War clouds IndiGo Q1 outlook
InterGlobe Aviation's (IndiGo) March quarter (Q4FY26) performance was hit by an enormous mark-to-market forex loss of ₹4,823 crore, mainly on aircraft lease liability.
2 mins
June 02, 2026
Mint Mumbai
Wellness built for a city that never sleeps
Entrepreneur Mira Rajput Kapoor on creating a restorative space for time-crunched, work-weary and health conscious Mumbaikaars
4 mins
June 02, 2026
Mint Mumbai
Companies eye US tariff refunds after court ruling
India's exports to the US were taxed at 25% under the reciprocal tariff regime, which was later raised to 50% amid differences between the two countries over New Delhi's import of Russian oil. Since the US Supreme Court ruling, a flat 10% tariff has been imposed on all countries.
2 mins
June 02, 2026
Translate
Change font size