Russia's Top Oil Buyer Deals a Blow to Putin
Source: Newsweek
Published Mar 15, 2024 at 5:51 AM EDT
India, a top purchaser of Russian oil, has stopped paying for Russian premium crude oil for two months now, according to a local newspaper.
Prior to Russia's war in Ukraine, India rarely used to buy Russian oil. But after Moscow lost European buyers due to sanctions imposed by the West in response to the conflict, Moscow boosted its trade with China, India and Turkey, offering them discounts.
Russia's Deputy Prime Minister Alexander Novak said in December 2023 that India has become a major buyer of Russian oil, with supplies to the country increasing to about 40 percent.
Kommersant, a national Russian newspaper, reported on Thursday that India—the largest buyer of seaborne shipments of Russian oil—has refused to purchase Russian premium ESPO grade oil, which has a low sulfur content—for about two months now. Imports stopped in January and February, the publication said.
Read more: https://www.newsweek.com/russia-india-oil-putin-sanctions-1879547
India had been filling up on Russian oil (at a major discount) for the past couple years - https://www.democraticunderground.com/10142923926
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