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Indian Oil removes Russian and Kazakh crudes from tenders on sanctions, insurance risks

India, the world's 3rd-largest crude importer, imported less than 1% of its crude imports from Russia in 2021

Indian Oil removes Russian and Kazakh crudes from tenders on sanctions, insurance risks

New Delhi, March 2 - Neftegaz.RU. Indian Oil Corp. has asked its crude suppliers to stop offering Russian and Kazakh crudes to avoid any payment and insurance risks caused by international sanctions on Russia after its military invasion of Ukraine, company officials told S&P Global Platts.
A company official who did not wish to be identified, said:
  • This has been communicated to the traders taking part in spot tenders
  • The basic reason behind this step is to avoid international sanctions and payment delays
The country's largest state-owned refiner informed traders that crudes like Russia's Urals and ESPO, along with Kazakhstan's CPC Blend, will no longer be accepted on a free-on-board basis, sources said.

India, the world's 3rd-largest crude importer, imported less than 1% of its crude imports from Russia in 2021

Earlier this month before Russia invaded Ukraine, IOC had contracted 2 million mt of high sulfur Russian Urals grade for April delivery.
Sources attributed the development as an outcome of a stand taken by insurance companies to skip cargoes carrying Russian commodities, including crude.

Government-owned State Bank of India will not process any transactions coming under the purview of a US, EU or UN sanctions, a trader said.

India's import basket from Russia include crude oil, natural gas, coal, minerals, pearls, precious/semi-precious stones, nuclear reactors, boilers, machinery and mechanical appliances, electrical machinery and equipment, fertilizers.

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