India’s top refiner purchases three million barrels of Russian Urals blend despite ban by some countries
© Getty Images / Nikolaev
India has reportedly ignored the latest ban placed on the purchases of Russian crude by some Western countries as part of broader sanctions introduced against Moscow over its military operation in Ukraine.
Indian Oil Corporation (IOC), the country’s biggest refiner, bought some three million barrels of Russian Urals from trader Vitol for delivery in May, according to trade sources, as quoted by Reuters.
The sources added that the Indian company does not see problems in paying for the cargo since oil as a commodity is not banned. Moreover, the IOC was not dealing with a sanctioned entity.
Vitol reportedly sold the cargo at a discount of up to $25 per barrel to dated Brent.
Commercial deals are not commonly disclosed by corporations.