Russia May Lose Its Major Oil Importer

The USA’s statements about the possible imposition of secondary sanctions on russian oil if the rf delays negotiations on the russian-Ukrainian war have prompted India to look for alternative hydrocarbon suppliers. It should be noted that secondary sanctions may be imposed on all buyers of russian oil, refiners, and banks that settle payments for russian oil.

Indian state-owned oil and gas companies Bharat Petroleum Corp and Hindustan Petroleum Corp are currently actively seeking additional sources of oil supplies for May from the Middle East, North Sea and Mediterranean. Preference is given to supplies from spot markets, which provide for immediate transportation of raw materials.

Since the beginning of the full-scale russian-Ukrainian war, supplies of cheap russian oil have been reducing India’s dependence on imports from the Middle East and Africa, as moscow has reduced prices after imposing sanctions on it.

India’s looking for additional suppliers shows that russia is losing its major importer and significant oil export revenues.