Russia oil in focus: Tankers deliver millions of barrels of Russian crude to India; no impact of Trump, EU pressure yet
Despite growing pressure from the Donald Trump administration and the European Union, India continues to get crude oil from Russia. Multiple tankers offloaded millions of barrels of Russian crude at Indian refineries during the weekend, indicating that these closely monitored deliveries continue uninterrupted.
According to a Bloomberg report, three Aframax vessels - the Achilles, Elyte and Horae - discharged approximately 2.2 million barrels of Russian Urals crude to private Indian refiners Nayara Energy Ltd and
Reliance Industries
Ltd during the weekend following a brief delay.
More vessels are scheduled to discharge 2.2 million barrels of Urals crude, with tankers Minion and Destan currently positioned at Reliance's Sikka terminal. The Aldebaran is set to unload across the gulf at Mundra port.
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While the buyer's identity remains unconfirmed, Mundra port serves both state-operated Indian Oil Corp Ltd. and HPCL-Mittal Energy Ltd, which is partly owned by state-run Hindustan Petroleum Corp Ltd, the Bloomberg report said.
Another Aframax tanker, the Mikati, offloaded over 720,000 barrels of Russian Varandey crude during a dual-port delivery to refineries located in Kochi and Mangalore. The Kochi facility belongs to state-owned Bharat Petroleum Corp Ltd, while the Mangalore facility is controlled primarily by state-owned Oil and Natural Gas Corp Ltd.
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No Direction To Stop Russia Crude Oil Buys
India continues to foster its robust ties with Russia, which has remained a key defence equipment provider dating back to the Cold War period. The Foreign Ministry spokesperson Randhir Jaiswal described these ties on Friday as a "steady and time-tested partnership."
During his remarks, Jaiswal stressed that India's connections with various countries stand independently and warrant assessment based on individual merit, rather than through the lens of other nations.
Speaking about India's relationship with the United States, he conveyed optimism about its continued advancement.
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The oil industry has been awaiting guidance from New Delhi regarding the continuation of Russian supplies, following Trump's recent warnings of punitive measures to restrict trade with Russia. Additionally, a senior US official recently alleged that India was effectively supporting President Vladimir Putin's Ukraine campaign through these purchases.
The hard US stance, coupled with an unexpected 25% duty on Indian exports to America, has disrupted the procurement strategies of both private and government-owned refineries. However, Indian authorities have not instructed refiners to discontinue Russian crude imports, sources told Bloomberg
Reliance maintains a long-term agreement with Russian oil giant Rosneft PJSC. India's continued procurement of discounted Russian oil, particularly as a big buyer of Moscow's maritime oil exports, has consistently troubled the United States and its Western partners. Recent developments have intensified this attention. Following European Union sanctions on July 18 against Nayara due to its Russian connections, the refiner reduced its operations, compelling business associates to seek alternative supply sources.
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