Russia’s oil export ban may bolster India crude imports
Moscow’s decision to ban oil exports to potential Western buyers supporting a price cap will likely boost Indian imports of Russian crude, industry executives told ET.
The West, which insists on a strict price cap on supplies from Moscow, has already imposed a ban on the bulk of Russian crude exports. Some residual volumes still being imported into Europe via pipelines could now be affected by the latest Kremlin move. This could leave Russia with surplus crude oil volumes, something Moscow may want India and China to absorb.
