Indian refiners purchase record volumes of Russian crude oil in December, China imports remain healthy

India imported just over five million tonnes of Russian crude for December, an all-time high, underpinning the country’s voracious appetite for the heavily discounted oil. PHOTO: AFP
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SINGAPORE – Indian refiners purchased record volumes of crude oil from Russia in December, even as Western powers rolled out a price cap aimed at further restricting the Kremlin’s revenues and shrinking its war chest for funding its war against Ukraine.

Under the cap, Group of Seven (G-7) and European Union insurance and reinsurance companies that provide services for tankers carrying Russian crude oil, as well as institutions financing Russian crude transactions, will not be allowed to handle such cargoes unless the oil is bought at or below the US$60 price cap.

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