Russia’s state-run oil giant Rosneft has reportedly sold a large shipment of crude to India as the South Asian nation keeps boosting energy imports from the sanctions-hit country.
Indian Oil Corp (IOC), the country’s top refiner, purchased 700,000 tons of Russian Urals crude, two traders familiar with the matter told Reuters, adding that Rosneft had allocated seven cargoes loading from the Baltic ports of Primorsk and Ust-Luga between May 15 and 31 to India.
Shipments of Urals crude to India have risen since the launch of Russia’s military operation in Ukraine, Refinitiv Eikon data shows, as Ukraine-related sanctions push Russian exports toward Asia.
In December, IOC and Rosneft signed a term contract for supply of up to two million tons of Urals oil until the end of the current year. Under the deal, the Indian firm bought several Urals cargoes from the Black Sea port of Novorossiysk.