Despite the imposition of a price cap by the Group of Seven (G7) countries on seaborne exports of Russian oil, there appears to be no dearth of shippers willing to supply Russian crude to Indian refiners.
According to industry watchers, though a few older Europe-based shippers have exited the Russian oil export market, there are enough tankers available to carry oil from Russia to Indian ports, thus allowing Moscow to ship record volumes to India in January.
Early December, the G7 nations, a grouping of Western powers including the European Union, US and UK, among others, had agreed to a $60 per barrel price cap on Russian seaborne crude oil in a bid to squeeze Moscow’s income from selling oil and ensure that it doesn’t use its oil trade money to fund the war on Ukraine.
