India expects a significant reduction in Russian oil imports this month to about 800,000 barrels per day. This happened after Indian officials tightened internal checks and controls at ports and banks to ensure compliance with Western restrictions. This was reported by Bloomberg, writes UNN.
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Officials noted that tighter controls have been introduced in recent weeks. According to their data, in November, India bought about 1.9 million barrels of Russian oil per day, while forecasts for this month were higher. The tightening of controls concerns the so-called "shadow fleet tankers" and payments. The Ministry of Shipping requires additional certificates of origin and registration data.
These steps by New Delhi come amid attempts to conclude a broader trade agreement with the United States, which previously imposed tariffs on Indian goods, partly as punishment for buying Russian oil.
According to officials, all Indian refineries, except for Nayara Energy Ltd., which is supported by Rosneft, have reduced imports from Russia. Tighter controls are forcing traders and refineries to look for workarounds for sanctioned barrels, while crude oil not subject to restrictions continues to flow.