Indian oil workers are seeing a new rotation of restriction steps as an occasion to “bargain” with Russian suppliers.
Prices for Russia’s oil for India are again under pressure due to strict penalties and the new “price ceiling” of the European Union. It reports about it Reuters With reference to three industry resources.
According to one of them, Indian oil refineries see the new rotation of restriction steps as an occasion to “bargain” with Russian suppliers.
Since September 3, a ceiling penalty for Russian origin barrels has set 15% less than market price – about $ 47.6 per barrel instead of $ 60, which has been running since the end of 2022.
This has led to complications for India’s refinery, which faces more strict requirements for compliance with the rules, said the resources of Reuters. According to them, Indian banks have begun to strengthen payment control.
“Any difficulties are a reasonable reason to be bullied. Indian processors always use it,” said one of the agency’s interlocutors. He remembered that every new wave of penalties would always lead to a slowdown in calculations and reducing prices for Russian oil.
Discounts for September delivery for India have increased to $ 2-3 per barrel compared to $ 1-2 in August. In conditions of uncertainty, the processors are increasingly dependent on long -term contracts, and spotal transactions are becoming more complicated. At the same time, the influence of new steps is limited, according to Reuters’ resources.
In general, for 2022-2025, thanks to discounts, Indian refinery saved $ 12.6 billion with Russia oil, calculated Indian Express Based on customary statistics.
Russian suppliers offered a maximum discount to India clients in 2022, when they reinforced the flows after refusing to traditional European imports. Within 2022 financial years, the average discount for India was 13.6% compared to oil from other countries.
In 2023, discounts dropped to 10.4%, and last year – to 2.8%.
Since April 2025, after the decision of the Donald Trump administration, to introduce duties for cooperation with Kremlin energy for India, Russian oil discounts in the country have grown again: in the second quarter they are an average of 6.2%. It allowed India’s refinery to save $ 835 million from the beginning of the financial person, in addition to $ 1.45 billion last year, $ 5.411 billion in 2023 and $ 4.873 billion in 2022.
India has become the largest import of Russian oil supplies after the outbreak of an entire -scale war in Ukraine of 2022. The Urals remains the flag of Russian oil, provided from the western ports of the country. Experts have predicted that Russia’s exporting to India will grow in September.
On July 18, the European Union approved the 18th package of sanctions against the Russian Federation, which, among other things, provided a reduction in Russian oil maximum price from 60 to 47.6 dollars per barrel. On the same day, the UK revealed about its attachment to these restrictions. Importing Russian oil -based oil products also fell under the ban. Later, Great Britain and Switzerland revealed similar steps.
Remember that the Russian oil brand supply with a deadline for arrival in October is offered to Chinese customers at a reduced price.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.