India is under pressure due to the tightening of anti-Russian sanctions by the United States. In particular, state-owned oil refineries in India are forced to reduce contract supplies of Russian oil, writes Bloomberg.
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The largest such refinery, Indian Oil Corp, is likely to reduce the volume of crude oil from Russia, and Bharat Petroleum Corp and Hindustan Petroleum Corp decided not to take on the firm commitments to purchase oil in the next fiscal year.
All 3 state-owned refineries in the country were negotiating with Rosneft PJSC for the supply of 500,000 barrels per day to reduce dependence on one-time expensive purchases. But the recipients were not happy with a number of clauses in the contract aimed at solving problems with supply disruptions.
So far, only one refinery – Indian Oil – has a valid long-term contract with Rosneft, and Russia is still the largest supplier of oil to India, although the latter is also negotiating supplies of more expensive oil from Saudi Arabia and other countries in the Middle East and West Africa.