Indian oil companies are already looking for substitute for Russian oil.
The extensive sanction package set by the US January 10th is now starting to affect Russian oil exports, says Reuters and shipping publication Marineink.
US sanctions targeted over a hundred tankers of the so -called shadow fleet. Together with the sanctions previously imposed, sea transport of Russian oil is now in trouble.
According to Reuters, the March deliveries have not been agreed because buyers and sellers are quarreling the cost of freight. This is because China only wants ships in its ports that are not covered by sanctions. There are scarcity on ships, which will increase the price.
Bharat Petroleum, one of the largest oil company in India, says it has not yet received any import quotes for March.
India has brought 36 percent of its crude oil from Russia, about a fifth of China.
According to Marinelink, buyers anticipate Russian oil exports to clearly decrease in the coming weeks. India has already begun to replace the lack of Russian oil with oil imported from the Middle East, Africa and the United States.
Source: Reuters