For the first time in four months, India not only reduced purchases of Russian coal, but collapsed them. Oil is next.
to the Russian Federation to stop the war in Ukraine, India supported it with a financial step” />
The import of thermal coal to India from Russia will decrease for the first time in four months in September, in addition, Indian oil refineries intend to abandon purchases of Russian crude oil. This is reported by Reuters.
As the publication emphasizes, export of energy carriers to India and China was the most important source of income for Russia, which is under sanctions.
However, now, according to the Indian consulting company Coalmint, the import of thermal coal from Russia in September will decrease by 30%, compared to August – to 1.4 million tons.
“India's coal imports from Russia are likely to be in a limited range in the coming months and vessel availability is likely to become an issue as winter stockpiling by various countries begins, starting from October,” Coalmint said.
In addition, Indian refiners are set to abandon purchases of Russian crude this month due to higher freight rates and instead switch to Africa and the Middle East.
“Taking freight into account, the delivery cost of ESPO (Oil from Siberia, – Ed.) appears to be $5-7 more expensive compared to similar grades from other countries such as Murban in the UAE,” said an Indian industry source familiar with the matter. adding that Russian oil used to be cheaper.
Read also: Putin is afraid of losing the favor of China and India, so he went for escalation – Insider
Recall that India, which previously rarely bought Russian oil, became Moscow's second-largest buyer of oil after China after Moscow invaded Ukraine in late February. align: justify;”>Oil refiners in India have been buying almost all grades of Russian oil, taking advantage of discounts after some countries suspended purchases.
At the same time, a week ago, Indian Prime Minister Narendra Modi under during a personal meeting with Putin on the sidelines of the Shanghai Cooperation Organization (SCO) summit, he personally called for an end to the war against Ukraine, despite the fact that so far India has mostly avoided direct condemnation of Russia's invasion.
Read also: Indian government promised to “feed the world”, but now they have to import wheat themselves – Bloomberg
Also, EU member states want during within a few weeks to reach the price limit for Russian oil after the nuclear threats of Russian President Vladimir Putin.
Related video
Let us also recall that in June the Indian media with reference to diplomatic sources reported that the authorities of Ukraine asked India to become o day from the guarantor countries of its security, as well as help with the restoration of the country.
