India Has Sharply Increased Its Purchases of Russian Oil Despite U.S. Sanctions — Bloomberg
Indian oil refineries have increased their imports of Russian oil to more than 2.3 million barrels per day, despite U.S. sanctions against the Russian energy sector.
According to Bloomberg, high shipment volumes have continued into July. The rise in imports helps Russia avoid a buildup of oil, and the use of a network of intermediaries allows it to circumvent sanctions.
At the same time, Russian oil has become significantly cheaper, while Russia’s average seaborne exports remain near historic highs. Current shipment volumes exceed the annual averages since the start of the full-scale war against Ukraine.
Source: Bloomberg.
Russia is also facing a worsening fuel crisis: gasoline is running out at gas stations, and lines are growing longer.
Russia has allowed the use of lower-quality gasoline due to the fuel crisis.
