India Sees No Hit To Fuel Exports From EU Feb 5 Action On Russian Imports

India, a leading buyer of Russian oil, does not expect its fuel exports to be disrupted by a European Union ban on the obtain of Russian refined fuels starting Feb. 5, oil secretary Pankaj Jain mentioned on Friday.

Indian refiners have been gorging on Russian oil marketed at a price reduction as some Western entities shun buys from Moscow next its invasion of Ukraine in late February.

Some Indian refiners system Russian oil and ship the refined items to the west, like Europe.

Jain stated the Feb 5 motion bars the EU from importing refined fuels from Russia and not from any other place.

The European Union will ban Russian oil merchandise imports, on which it depends greatly for its diesel, by Feb. 5.

“(The) following cause issue is Feb. 5. Except something spectacular comes about geopolitically .. we are in a steady point out,” Jain stated.

So much Indian corporations are not dealing with any issues in procuring Russian oil, Jain added.

The EU, G7 nations and Australia introduced $60 per barrel price tag caps on Russian oil, effective from Dec. 5, on top rated of the EU’s embargo on imports of Russian crude by sea.

The EU ban on imports of Russia’s seaborne oil has pushed Moscow to look for option marketplaces, largely in Asia, for about 1 million barrels per working day.

Indian providers are obtaining Russian oil at underneath selling price cap degree, sources told Reuters previously this week.

Jain reported Indian businesses are not experiencing any challenges in having to pay for Russian oil as the most current steps by the West do not effects trade settlement mechanisms.