Europe buying Russian oil via India at record rates in 2023 despite Ukraine war
11 months, 3 weeks ago

Europe buying Russian oil via India at record rates in 2023 despite Ukraine war

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. India became the world’s leading importer of Russian crude oil last year, according to Kpler market data analysed by The Independent, importing an average 1.75 million barrels per day at a 140 per cent increase on 2022. At the same time, the European Union’s import of refined products from India soared by 115 per cent, from 111,000 barrels per day in 2022 to 231,800 barrels per day in 2023, the highest figures in the past seven years analysed by Kpler and most likely the highest ever. The Reliance Industries-owned refinery accounted for 34 per cent of crude oil imports from Russia, receiving 400,000 barrels per day of, while it received 770,000 barrels per day from elsewhere. Russia is also such a key player that the powers that the EU etc don’t want to completely eradicate Russian supply from the global market because it would cause prices to spike.“ Around 20 of the 27 EU countries imported refined products from India last year, with the Netherlands accounting for 24 per cent of the total volume.

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History of this topic

India’s petroleum exports plunge amid weak global demand, Red Sea disruptions
1 week ago

India’s petroleum exports plunge amid weak global demand, Red Sea disruptions

Live Mint  

New Delhi: Exports of petroleum products took a hit in November, weighed down by sluggish demand in developed economies, a rise in domestic consumption and a significant decline in cheap petroleum imports from Russia. Compounding the issue, India’s imports of Russian crude oil in November fell to their lowest levels since June 2022, according to a recent report from the …

Indian state refiners may buy Mideast spot oil to replace Russian shortfall
2 weeks, 2 days ago

Indian state refiners may buy Mideast spot oil to replace Russian shortfall

Live Mint  

* State refiners look to Middle East crude * Russian oil exports drop on domestic demand, OPEC * Three state refiners may tap stocks to cover processing in March By Nidhi Verma NEW DELHI, Dec 24 - Indian state refiners are considering tapping the Middle East crude market as spot supply from their top supplier Russia have fallen, three refining …

Middle East share of India’s Nov oil imports at 9-month high; Russia down
2 weeks, 3 days ago

Middle East share of India’s Nov oil imports at 9-month high; Russia down

Live Mint  

By Nidhi Verma NEW DELHI - India's November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed. The world's third biggest oil importer and consumer in November shipped in 13% less Russia oil compared with October at 1.52 million barrels per day, …

Is India profiting from Russia-Ukraine War?
3 weeks, 3 days ago

Is India profiting from Russia-Ukraine War?

India Today  

What’s driving the fiercest battles across the globe? From the brutal trenches of Ukraine to NATO’s growing defence requirements, the artillery boom is reshaping the global defence landscape—and India is positioning itself at its very centre. Estonia’s Strategic Partnership with India Estonia, a NATO member that consistently meets its 2% defence spending target, is emerging as a key ally in …

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022
3 weeks, 3 days ago

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022

Live Mint  

India's import of Russian crude dropped to its lowest level since June 2022 in November this year, reported the news agency PTI on Sunday, December 15, citing a Centre for Research on Energy and Clean Air report. “India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022,” the …

Russia signs $13bn-a-year oil deal with India in blow to Western sanctions
3 weeks, 6 days ago

Russia signs $13bn-a-year oil deal with India in blow to Western sanctions

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Russian state-owned oil firm Rosneft …

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports
4 weeks ago

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports

Deccan Chronicle  

Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said.The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today's prices. The company declined …

EU shares with India inputs on Indian entities making supplies to Russia in 'violation' of G7 sanctions
4 weeks, 1 day ago

EU shares with India inputs on Indian entities making supplies to Russia in 'violation' of G7 sanctions

Hindustan Times  

New Delhi, The European Union has provided India with inputs on the alleged involvement of certain Indian entities in supplying "high priority" goods with possible military application to Russia in violation of Western sanctions, people familiar with the development said. EU shares with India inputs on Indian entities making supplies to Russia in 'violation' of G7 sanctions EU Sanctions Envoy …

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India
1 month ago

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India

Live Mint  

By Nidhi Verma NEW DELHI/MOSCOW - Three trading houses have become dominant sellers of Russian oil to India as many smaller players dropped out of the business due to high funding costs in Russia and lack of access to Western funds, according to data and six trading sources. Traders such as Dubai-based Starex Trading and Pontus Trading, which were large …

Russia’s crude oil and LNG shipments to Asia slip slightly in 2024: Russell
1 month ago

Russia’s crude oil and LNG shipments to Asia slip slightly in 2024: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Dec 3 - Asia's imports of Russian crude oil and liquefied natural gas are set to log small declines this year and while coal had a bigger drop, there's little evidence that Western sanctions are working well. In barrels per day terms, Asia's seaborne imports from Russia are likely to come in around 3.22 million …

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell
1 month, 1 week ago

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, - Saudi Arabia clawed back market share of Asia's crude oil imports in November, while Russia surrendered some of its barrels in what may be an early sign of a shift in market dynamics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels per day in November, up from …

Trade on track: Russia looks up to India for train manufacturing to meet domestic demand
1 month, 1 week ago

Trade on track: Russia looks up to India for train manufacturing to meet domestic demand

Firstpost  

Russia is seeking to invest in and expand the manufacturing of trains as well as their components in India to meet its growing domestic demand Russia eyes to deepen its trade ties with India — one of the top economies still in robust trade with the country after its President Vladimir Putin ordered the invasion of Ukraine 36 months ago. …

Russia wants to become the second-largest oil producer in the world
1 month, 3 weeks ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

India to achieve $100-billion trade with Russia well before 2030 target: Jaishankar
Trending News
1 month, 3 weeks ago

India to achieve $100-billion trade with Russia well before 2030 target: Jaishankar

Hindustan Times  

India is confident of achieving commerce worth $100 billion with Russia before the target date of 2030 though the two sides need to address constraints to ensure trade is more balanced, external affairs minister S Jaishankar said on Tuesday. The two sides have seen “perceptible progress” in tackling challenges to trade, especially issues related to payments and logistics, but there …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 4 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’
2 months ago

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’

Live Mint  

Union Petroleum and Natural Gas minister Hardeep Singh Puri said that India's decision to buy oil from Russia amid global uncertainties helped prevent a potential spike in global oil prices. In an interview with CNN's Becky Anderson in Abu Dhabi, Union minister Puri explained that if the Indian government hadn't bought Russian oil, global oil price would have gone up …

Jaishankar in Germany: Russia, Ukraine have to negotiate, and India is willing to advise if they want
3 months, 4 weeks ago

Jaishankar in Germany: Russia, Ukraine have to negotiate, and India is willing to advise if they want

The Hindu  

India has a four-point principle towards the resolution of the Russia-Ukraine conflict, said External Affairs Minister S. Jaishankar on Tuesday. Responding to a question from The Hindu about the possibility of India hosting the conference, and playing a role as peacemaker, Mr. Jaishankar said that India believes in four principles: that this should be a time of peace; that there …

India seeks to boost exports to Russia after Modi's visit
5 months, 3 weeks ago

India seeks to boost exports to Russia after Modi's visit

Hindustan Times  

India is exploring ways to boost its exports to Russia, including by encouraging rupee-rouble trade and pushing Moscow to lift non-tariff barriers, New Delhi said on Monday, in the wake of Prime Minister Narendra Modi's visit to Moscow. Prime Minister Narendra Modi exchanges greetings with Russian President Vladimir Putin after receiving the Order of St Andrew the Apostle the First-Called, …

Putin hosts India’s prime minister to deepen ties, but Ukraine looms over their relationship
6 months ago

Putin hosts India’s prime minister to deepen ties, but Ukraine looms over their relationship

Associated Press  

Indian Prime Minister Narendra Modi met President Vladimir Putin in Moscow on Tuesday, seeking to deepen the relationship between the two nuclear powers at a time when NATO leaders gathered in Washington and Russia launched deadly missile attacks in Ukraine that hit a children’s hospital. “Our relationship is one of a particularly privileged strategic partnership,” Putin told Modi, who made …

Amid Ukraine war, Netherlands continues to be top destination for India’s petroleum exports
6 months, 1 week ago

Amid Ukraine war, Netherlands continues to be top destination for India’s petroleum exports

Live Mint  

New Delhi: The Netherlands, with its developed transit ports, continues to be the top destination for India’s petroleum exports, with shipments to Europe accounting for $4.4 billion during April-May 2024, up from $2.8 billion in the same period of the previous year. India, a key Asian refining hub with an installed capacity of nearly 250 million tonnes per annum across …

Build your plants in Russia, Moscow tells Indian drugmakers
6 months, 4 weeks ago

Build your plants in Russia, Moscow tells Indian drugmakers

Live Mint  

New Delhi: Sanctions-hit Russia is looking to India for drug security at a time of shortages triggered by its war in Ukraine, a government official aware of the matter said. Moscow has proposed financial support for Indian companies ready to build facilities in Russia, and is seeking higher pharmaceutical exports from India to meet domestic demand, the official said on …

EAM Jaishankar Says India’s spike in trade with Russia not a ‘temporary phenomenon
7 months, 3 weeks ago

EAM Jaishankar Says India’s spike in trade with Russia not a ‘temporary phenomenon

The Hindu  

India's rise in trade with Russia should not be seen as a "temporary phenomenon" as more economic opportunities are emerging, India's Foreign Minister said on Friday. India and Russia have a close relationship stretching back decades, and New Delhi has refused to condemn Moscow over its February 2022 invasion of Ukraine, urging the two sides to end the conflict through …

Chabahar: India’s Balancing Act Against China, West Asia and the West
7 months, 3 weeks ago

Chabahar: India’s Balancing Act Against China, West Asia and the West

News 18  

Geostrategy is increasingly becoming a process of increasing a nation’s options. While Russia has been encountering sanctions from Western Europe and the US ever since the war with Ukraine, Iran has endured them for far longer. The US, Israel and others in West Asia are aware of India’s cordial relationship with Iran. India’s sea and land route via Chabahar in …

India saved USD 13 billion by importing discounted Russian crude
8 months, 1 week ago

India saved USD 13 billion by importing discounted Russian crude

New Indian Express  

NEW DELHI: India has saved around $13 billion by importing discounted crude oil from Russia in the past two years, according to a study by ICRA, the rating agency. According to energy cargo tracker Vortexa, India received 1.36 million barrels of crude oil per day from Russia in March 2024, compared to 1.27 million barrels per day in February 2024. …

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%
8 months, 3 weeks ago

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%

Live Mint  

India's crude oil import dropped 16 per cent in the fiscal year ended March 31 as lower international rates but the dependency on overseas suppliers rose to a new high, official data showed. {{^adFree}} {{/adFree}} But it paid USD 132.4 billion for the imports in FY24 as against USD 157.5 billion import bill in 2022-23, oil ministry's Petroleum Planning and …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
9 months ago

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials

The Hindu  

April 04, 2024 07:55 pm | Updated 09:51 pm IST - NEW DELHI Striking a conciliatory note on India’s imports of Russian oil, U.S. Treasury department officials visiting Delhi said on April 4 that the aim of U.S. sanctions and the oil “price cap” was not to limit the purchase of Russian ‘Ural’ oil, but to limit the revenues made …

US has not asked India to reduce Russian oil imports: Officials
9 months ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

US to tell event in India that price cap on Russian oil working
9 months ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

Russian Ukraine conflict: CNN claims India is helping Putin get richer. Here's how it is wrong
10 months ago

Russian Ukraine conflict: CNN claims India is helping Putin get richer. Here's how it is wrong

Op India  

The Russian oil industry is “booming despite war, sanctions” and CNN is livid with disbelief, to put it mildly. They have demanded to “close the “refining loophole”, which allows EU and G7 countries to import oil products — mainly diesel, jet fuel and gasoline — produced from Russian oil at refineries in third countries like India, Turkey or UAE.” India …

’My friend...’: Russian FM lauds Jaishankar’s response on oil import
10 months ago

’My friend...’: Russian FM lauds Jaishankar’s response on oil import

Live Mint  

Russian foreign minister Sergey Lavrov has praised an old remark made by India's External Affairs Minister S Jaishankar at the United Nations. Lavrov at the World Youth Forum in Russia's Sochi called Jaishankar "My friend" and heaped praises on the Indian minister for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war. Russian oil import According to …

‘My friend, S Jaishankar…’: Sergey Lavrov lauds EAM over Russian oil imports statement
10 months ago

‘My friend, S Jaishankar…’: Sergey Lavrov lauds EAM over Russian oil imports statement

Hindustan Times  

Russian foreign minister Sergey Lavrov has lauded external affairs minister S Jaishankar for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war and recalled how his Indian counterpart responded when Western pundits demanded to know why India still aligned with his country. Sergey Lavrov was addressing the World Youth Forum in the Russian city of Sochi where …

‘Russia never hurt our interests’: Jaishankar defends India’s ties with Moscow
10 months, 2 weeks ago

‘Russia never hurt our interests’: Jaishankar defends India’s ties with Moscow

Live Mint  

External Affairs Minister S Jaishankar, in an interview with a German economic daily, Handelsblatt, has said that many Western countries used to supply arms to Pakistan and not India, adding that the trend has changed in the past decade. Jaishankar reaffirmed India's "stable and friendly ties" with Russia and said Moscow has never hurt the interests of New Delhi. On …

Petroleum exports drop sharply as West tightens squeeze on Russia
10 months, 2 weeks ago

Petroleum exports drop sharply as West tightens squeeze on Russia

Live Mint  

NEW DELHI: Earnings from petroleum shipments fell steeply in April-January FY24 due to the global economic slowdown, a rise in domestic consumption, and shrinking discounts on Russian oil. According to data from the government’s Niryat portal, earnings from exports of chemicals and petroleum products stood at $67.11 billion in the April-January FY24 period, down 11.29% from $75.65 billion in the …

India resumes buying Russian Sokol oil after 2-month hiatus, sources say
10 months, 3 weeks ago

India resumes buying Russian Sokol oil after 2-month hiatus, sources say

The Hindu  

India has resumed imports of Russian Sokol oil after a two-month gap with at least two refiners so far taking deliveries of the light sweet crude in February, four trade sources said and ship tracking data showed. India did not receive Sokol oil in December and January, data from trade sources and the ship tracking data shows. In February, private …

Red Sea shipping crisis: India on track to export record-low sulphur diesel to Europe in January
11 months, 1 week ago

Red Sea shipping crisis: India on track to export record-low sulphur diesel to Europe in January

Firstpost  

As Red Sea security risks drive up freight costs, India’s exports of low-sulphur diesel to Europe are poised to hit a fresh two-year low in January, after an unprecedented high last month, trade sources and analysts told Reuters. Cargoes loading from India typically sail to Europe via the Bab-el-Mandeb strait, a route that has become fraught since Houthi attacks on …

India on track to export record-low diesel to Europe in January as Red Sea risks drive up freight costs
11 months, 1 week ago

India on track to export record-low diesel to Europe in January as Red Sea risks drive up freight costs

The Hindu  

India's exports of low-sulphur diesel to Europe are poised to hit a two-year low in January, after an unprecedented high last month, as Red Sea security risks drive up freight costs, trade sources and analysts say. Persistently high freight costs would be likely to prompt sellers of India-origin cargoes to look for buyers in Asia, which would tighten supplies into …

No disruption in oil flows to India, only freight up: HPCL head
11 months, 1 week ago

No disruption in oil flows to India, only freight up: HPCL head

The Hindu  

The ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the Cape of Good Hope, Hindustan Petroleum Corporation Limited Chairman Pushp Kumar Joshi said. OPINION | The larger message to New Delhi from the Red Sea In a …

India reduces import of Russian crude oil over pricing
11 months, 4 weeks ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

Why India's oil purchase from Russia declined: Hardeep Singh Puri explains
1 year ago

Why India's oil purchase from Russia declined: Hardeep Singh Puri explains

Hindustan Times  

Union minister of petroleum and natural gas Hardeep Singh Puri said crude oil supply in India from Russia has not dropped because of the payment-related issues. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri India is one of the largest importers of crude oil in the world, but its imports from Russia significantly decreased over the past few …

'No payment problem': Hardeep Singh Puri on declining oil imports from Russia
1 year ago

'No payment problem': Hardeep Singh Puri on declining oil imports from Russia

India Today  

The reduction in India's oil imports from Russia is primarily due to unattractive prices and not any payment issues, clarified Minister of Petroleum and Natural Gas Hardeep Singh Puri on Wednesday. He mentioned that, on average, India purchases 1.5 million barrels per day of Russian oil, and there have been no complaints from oil companies about facing payment settlement issues …

The dominant dollar faces a backlash in the oil market
1 year ago

The dominant dollar faces a backlash in the oil market

Live Mint  

Some major emerging economies are dabbling in trading commodities without using the dollar, as they seek to reduce their reliance on the U.S. currency. And in November, Saudi Arabia and China set up a roughly $7 billion currency-swap line, which the Chinese central bank said would strengthen financial ties and expand the use of local currencies. The tight links between …

In Moscow to meet Putin and Lavrov, India’s foreign minister praises growing trade
1 year ago

In Moscow to meet Putin and Lavrov, India’s foreign minister praises growing trade

Associated Press  

MOSCOW — India’s foreign minister met Wednesday with Russian President Vladimir Putin, who said relations between the countries are progressing even amid turbulent times. At the start of the meeting, Putin said he would inform the Indian diplomat about the fighting in Ukraine, on which Indian Prime Minister Narendra Modi has held a neutral stance. “I know about his desire …

Russia minister says oil supplies to India increased to 40 percent since Ukraine war
1 year ago

Russia minister says oil supplies to India increased to 40 percent since Ukraine war

Hindustan Times  

Moscow: Russia's deputy prime minister Alexander Novak said on Wednesday his country has redirected most its oil supplies towards India and China after the West enforced economic sanctions against it over the Ukraine war. "China -- whose share has grown to 45-50 percent -- and India have become our main partners in the current situation," Novak was quoted as saying …

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC
1 year, 1 month ago

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in October 2023 - registering a growth of 1.3 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. According to PPAC data, crude oil imports increased by 2.2 per cent and by 0.6 per cent during October 2023 and April-October 2023 respectively, compared …

US newly sanctioned tankers shipped Russian oil to India
1 year, 1 month ago

US newly sanctioned tankers shipped Russian oil to India

Firstpost  

In the short-term, sanctions may reduce the number of ships carrying Russian oil and prompt India to seek supplies elsewhere, but they are unlikely to stop the trade altogether due to its lucrative nature, several traders who declined to be named, said. Three oil tankers, recently sanctioned by Washington, have regularly transported Sokol crude from Russia’s Far East to Indian …

US checks if foreign banks followed cap on Russia oil
1 year, 2 months ago

US checks if foreign banks followed cap on Russia oil

Live Mint  

A US government office is checking whether foreign banks operating in the US conformed to the G7 price cap of $60 a barrel for Russian oil, a person aware of the matter said. The US treasury department’s Office of Foreign Assets Control has sought details of Russian oil purchases by including those by Indian entities in the last few months, …

Buy ships to transport energy: Govt to oil cos
1 year, 3 months ago

Buy ships to transport energy: Govt to oil cos

Live Mint  

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of …

Is India's Reliance on Russian Oil Imports Reaching a Limit
1 year, 5 months ago

Is India's Reliance on Russian Oil Imports Reaching a Limit

News 18  

India’s imports of oil from Russia reached a new height as New Delhi’s daily volumes climbed to 2.2 million barrels a day in June. News18 takes a look at India’s oil trade with Russia and the future possibilities: Rapid Rise of Russian Oil India, the world’s third largest consumer of crude, bought nearly 2 million barrels per day of Russian …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 6 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

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