Tankers owned by sanctioned entities continue to transport Russian crude oil to India this year. In some cases, specific tankers sanctioned by the United Kingdom continue to supply India with Russian oil.
But, contrary to reports, no sanction laws have been broken, according to an investigation by Business Standard using ship tracking data, government documents and industry sources.
Indian imports of Russian oil on sanctioned vessels have been highlighted by western think tanks and media. Contrary to all these reports and tanker deliveries, both New Delhi and Indian refiners are not breaking any international sanction laws, a United States government official, Indian refining executives, and government officials told Business Standard.
The US official, involved in compliance, said "General Licence 93" allowed India to receive vessels owned by a sanctioned entity, Russian state behemoth Sovcomflot, which ships a bulk of India's oil. GL 93 authorises Sovcomflot vessels to continue delivering crude oil.
There are less than 20 Sovcomflot vessels barred from operating, which Indian refiners stopped using in early 2024. China continued to receive, ship tracking data shows. The shipping company operates 125 tankers, according to its website.
No transaction under scrutiny
No Indian crude oil transaction was ever under scrutiny, says Oil Secretary Pankaj Jain. Around 40 per cent of India's imports ranging from 1.6 million to 2 million barrels per day come from Russia, at a discounted rate. Indian purchases of Russian oil, which account for 2 percent of global oil demand, have placed a lid on the price of crude oil, according to Oil Minister Hardeep Singh Puri, by increasing the supplies in the market.
This story is from the October 22, 2024 edition of Business Standard.
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This story is from the October 22, 2024 edition of Business Standard.
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