India is gradually reducing imports of Russian oil. The country's refineries are doing this because of sanctions against Rosneft and Lukoil. Donald Trump said that as part of the new trade agreement, New Delhi will abandon raw materials from Russia. Some of the oil is already being redirected to China.
"Russian oil tankers are increasingly indicating Singapore as an official destination, which indicates a shift in export flows from India to China and growing concern about Western sanctions," Reuters writes, citing traders and vessel tracking data.
So, in January, tankers carrying about 1.4 million tons (more than 10 million barrels) of Russian oil left for Singapore, which is the highest monthly volume in recent years.
"Singapore does not import Russian oil due to sanctions risks, but its nearby waters are sometimes used for transshipment of oil from ship to ship," traders told the agency.
According to them, many vessels unload their cargo near Malaysia or pump oil into floating storage facilities. At the same time, Singapore is used as an intermediate destination to hide the final buyers.
As reported by EADaily, the concluded deal between the United States and India is expected to reduce the supply of Russian oil to India by almost half.
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