There are fortunes to be made delivering Russian crude oil to India.
Price assessments by Platts, a unit of S&P Global, show a margin of more than $20 between a barrel of Russia’s Urals crude lifted in the Baltic region and the same oil delivered to the west coast of India. On a flow that’s now running at about 1.5 million barrels a day, that works out at $1 billion a month.
The European Union banned imports of Russian crude in December, putting the country at the mercy of two big buyers: China and India. Numerous new trading firms with ties to Moscow emerged — especially in Dubai — before the measure, along with a price cap on Russian oil, was imposed.
