US Sanctions Disrupt India's Russian Oil Payments

Indian banks are reportedly starting to block payments for Russian oil imports in response to new U.S. sanctions targeting Russia's oil sector, Orda reports, citing Energy Intelligence via The Kyiv Independent.
The latest round of U.S. restrictions, announced on January 10, targets major Russian oil companies and nearly 200 vessels in Moscow's "shadow fleet."
According to Energy Intelligence's January 20 report, India's state-owned banks have taken the lead in compliance, with the State Bank of India and Punjab National Bank showing particular caution to avoid violating the sanctions.
Private banks, however, are reportedly taking a more flexible approach to the new restrictions.
Meanwhile, Reuters had previously reported that Indian refineries had secured new crude oil supply agreements with Oman and the UAE, according to industry sources.
S&P Global Commodity Insights writes that the sanctioned companies Surgutneftegaz and Gazprom Neft supplied about 20% of Russia's oil exports to India. At the same time, blacklisted tankers carried 450,000 barrels per day - a quarter of all Russian oil deliveries to the country.
Bloomberg reports that Indian authorities will ban sanctioned tankers from their ports after March 12, when the U.S. Treasury's wind-down period expires.
According to a senior official in New Delhi, India will continue accepting loaded tankers until that deadline before the sanctions take effect.
Latest news
- Kazakhstan Continues Selling Gold Reserves
- Uzbekistan, Russia to Streamline Labor Migration Process
- Army Chief Urges Public to "Trust Official Statements" Amid Military Incidents
- Almaty Hostel Fire Trial Reopens to Press Coverage
- Direct Flights from Almaty to New York and Tokyo Expected in 2025
- Political Scientist Comments on Kulibayev's Reported Deal
- Crocus Terror Attack Investigation Completed
- Toqayev Meets Business Leaders Amid VAT Rate Discussions
- Import Reliance and Rising Prices: What’s Happening in Kazakhstan’s Pharmaceutical Market?
- Uzbekistan and Switzerland Agree on Return of $182 Million in Karimova Assets
- VAT Rate Increase: Atameken Chamber Holds Meeting
- Kazakhstan Leads EAEU in Price Growth but Trails in Some Areas
- Trump Suspends USAID Operations: How Does This Affect Kazakhstan?
- Slovakia Resumes Russian Gas Imports Via TurkStream
- Agricultural Cooperative Head Misuses Dairy Subsidies for Luxury Vehicle Purchase
- Prosecutors Recover 20,000 Hectares of Forest Fund from Private Businesses
- Billions Lost in Digital Development Programs, Audit Reveals
- Yerlan Zhagiparov: Court Issues Verdict in Qantar Case
- Aqsu District Court Chair Under Investigation for Corruption
- Trump Signs Order Sanctioning International Criminal Court