The huge blue and red hull of the SCF Primorye came into port at Vadinar, western Gujarat, India, earlier this month. The 84,000-tonne oil tanker, built in 2009 and sailing under the Liberian flag, had arrived from the port at Ust-Luga, a settlement in Russia near the border with Estonia.
Before the invasion of Ukraine, India’s imports of Russian oil were negligible due to high freight costs. But recently, imports of Russian oil to India have increased. Vadinar’s owner, Nayara, purchased Russian oil in March – just before international restrictions on its exports were introduced – after a gap of a year, buying about 1.8m barrels from Trafigura, Reuters reported.
India’s 1.4 billion-strong population gives it reason to seek cheap supplies. But it’s a dangerous political game. “India is walking a tightrope,” said Alan Gelder, the vice-president of refining, chemicals and oil markets at Wood Mackenzie. “If you take too much, you do not want the west to sanction the rest of your economy.”
State processors of oil are attempting to secure six-month supply contacts for Russian crude to India, Bloomberg reported this month. The trio of state refiners – Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum – declined to answer questions on whether they were importing Russian oil or exporting it to Europe.
A third, more niche option to hide Russian transactions is to cut out using a currency and trade oil directly for other products, such as gold, food or weapons. Iran has previously taken payment from trading partners in gold rather than dollars.
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