Recent developments in the Indian oil market have seen a shift in the trajectory of Russian tankers amid payment issues and sanctions on Russian oil. Several vessels transporting crude oil from Russia, which had been lingering near India due to payment problems, are now altering their routes, Bloomberg reports.
Five ships carrying Sokol oil from Russia’s Far East, including the NS Commander, Sakhalin Island, Krymsk, Nellis, and Liteyny Prospect, have changed course, moving eastwards towards the Malacca Strait, based on vessel-tracking data. Another vessel, the NS Century, also loaded with Sokol oil, remains in proximity to Sri Lanka.
According to Bloomberg’s report, the uncertainty surrounding oil payments to Moscow has contributed to a decline in oil cargo arrivals in India, reflecting the impact of sanctions on Russian oil. Amid these challenges, concerns over the idle Sokol cargoes have emerged.
Analysts suggest that China may have intervened to address the impasse, potentially rescuing the stalled Sokol shipments. Viktor Katona, lead crude analyst at data intelligence provider Kpler, commented on China’s involvement in resolving the situation.
While payment problems persist, the movement of these tankers signifies a potential resolution or re-routing of the cargo. The situation underscores the complex interplay between global sanctions on Russian oil and the ripple effects observed in international oil shipments and payments.
