India’s purchase of Russian coal spikes as traders offer steep discounts: Report
2 years, 6 months ago

India’s purchase of Russian coal spikes as traders offer steep discounts: Report

Live Mint  

India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to two trade sources and data reviewed by Reuters. COAL BUYING TO CONTINUE Offshore units of such Russian coal traders as Suek AG, KTK and Cyprus-based Carbo One in places including Dubai and Singapore offered discounts of 25% to 30%, triggering bulk purchases of Russian thermal coal by traders supplying to utilities and cement makers, the sources said. India bought an average $16.55 million of Russian coal a day in the three weeks through Wednesday, more than double the $7.71 million it bought in the three months after Russia's Feb. 24 invasion, according to Reuters calculations. Indian bulk buying of Russian coal is set to continue, with June imports expected to be the most in at least seven and a half years, Refinitiv Eikon ship tracking data showed.

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History of this topic

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022
3 weeks, 5 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 …

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 …

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

Lured by discounts, Indian steelmakers lap up Russian coking coal
3 months, 4 weeks ago

Lured by discounts, Indian steelmakers lap up Russian coking coal

Live Mint  

NEW DELHI: India's purchases of coking coal - essential for steel production - from Russia have surged in recent months, as the sanctions-hit country sells the ingredient at a significant discount to other large suppliers. Read this | India to import Russian coking coal via Iran's Chabahar port {{^adFree}} {{/adFree}} A trade source said, requesting anonymity, that the largest buyers …

’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 …

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 …

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil
1 year, 7 months ago

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil

The Hindu  

May 19, 2023 09:10 pm | Updated 10:34 pm IST - London Days after saying the European Union had to curb the import of refined petroleum products from India, the EU’s top foreign affairs and security official, Josep Borrell, suggested that EU entities buying refined products from India were primarily accountable for the leakage of Russian oil-based products into the …

India’s oil trade has undergone a seismic shift
1 year, 8 months ago

India’s oil trade has undergone a seismic shift

Live Mint  

From where it buys crude oil to where it sells finished petroleum products, India has seen massive changes in its oil trade since the Ukraine war began, propelling profits for Indian oil companies. Russia is now India’s largest supplier of crude oil, ahead of West Asian countries, accounting for 27% of India’s crude imports this February, up from 6% in …

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%
1 year, 8 months ago

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%

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 Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 10 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

India's unwavering appetite for Russian crude lifts Jan. inflows to record high
1 year, 11 months ago

India's unwavering appetite for Russian crude lifts Jan. inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional Middle-Eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict, …

India's unwavering appetite for Russian crude lifts January inflows to record high
1 year, 11 months ago

India's unwavering appetite for Russian crude lifts January inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine …

Discounts make Russia third-largest oil supplier to India
1 year, 11 months ago

Discounts make Russia third-largest oil supplier to India

Al Jazeera  

Refiners in India, the world’s third-biggest oil consumer and importer, have been gorging on discounted Russian oil. Russia became the third-largest oil supplier to India in 2022, making up about 15 percent of total purchases, dragging down OPEC’s share to the lowest in more than a decade, the Reuters news agency has reported, citing data from industry sources. Refiners in …

Russian oil said to be sold to India below price cap
2 years ago

Russian oil said to be sold to India below price cap

The Hindu  

Russia's flagship Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below a $60 price cap agreed by the West, four market sources said. Reuters calculations showed discounts for Urals oil at Russia's western ports for sale to India under some deals …

'We don't ask our companies...': Jaishankar on India's purchases of Russian oil
2 years, 1 month ago

'We don't ask our companies...': Jaishankar on India's purchases of Russian oil

Hindustan Times  

The government does not expect oil companies to buy only from Russia, external affairs minister S Jaishankar said Wednesday morning amid continuing fierce debate over the decision to purchase cheap fuel from a Russian administration accused of using sale proceeds to fund its invasion of Ukraine. Jaishankar's comments come a day after Ukraine's foreign minister condemned - as 'morally inappropriate' …

Ukraine slams India for buying Russian oil, calls it 'morally inappropriate'
2 years, 1 month ago

Ukraine slams India for buying Russian oil, calls it 'morally inappropriate'

New Indian Express  

A day earlier India's top diplomat had defended the purchases of discounted Russian crude, saying Europe's imports still dwarfed those of his country despite the continent's efforts to reduce its dependence. But Ukraine's Dmytro Kuleba told NDTV it was "completely wrong" to justify buying oil from Russia "by arguing that Europeans were doing the same." India has increased its purchases …

India said to skip buying Russia's ESPO crude in September as freight costs jump
2 years, 3 months ago

India said to skip buying Russia's ESPO crude in September as freight costs jump

The Hindu  

Indian refiners are set to skip purchases of Russian ESPO crude oil this month due to higher freight rates, turning to Africa and the Middle East instead, industry sources said. India, which rarely used to buy Russian oil, has emerged as Moscow’s biggest oil customer after China since Russia’s invasion of Ukraine in late February. “On net back basis after …

India narrows thermal coal imports gap with top buyer China
2 years, 3 months ago

India narrows thermal coal imports gap with top buyer China

Live Mint  

India is fast catching up with China in its thermal coal imports, as the world's two biggest overseas buyers of the power generation fuel adjust purchases to align them with the varying trajectories of their economic growth. India's thermal coal imports are expected to rise 7% on year to 158 million in 2022, and a further 3% to 163 million …

India eases Russian oil buying in July, boosts Saudi imports
2 years, 4 months ago

India eases Russian oil buying in July, boosts Saudi imports

The Hindu  

India's crude oil imports from Russia in July fell for the first time since March along with its overall purchase while supplies from Saudi Arabia rebounded for the first in five months, data obtained from trade and industry sources showed. Overall India, the world's third biggest oil importer and consumer, shipped in 3.2% less oil in July at 4.63 million …

India has never been defensive about its stand on buying Russian oil: EAM Jaishankar
2 years, 4 months ago

India has never been defensive about its stand on buying Russian oil: EAM Jaishankar

Deccan Chronicle  

Bangkok: The US and other nations in the world may not appreciate India buying Russian oil, but they have accepted it as New Delhi has not been defensive about its stand but made them realise the obligation the government has to its people amidst "unreasonably high" oil and gas prices, External Affairs Minister S Jaishankar has said. In an interaction …

Indian companies swapping dollar for Asian currencies to buy Russian coal
2 years, 5 months ago

Indian companies swapping dollar for Asian currencies to buy Russian coal

Live Mint  

Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoiding the U.S. dollar and cutting the risk of breaching Western sanctions against Moscow. In June, Indian buyers paid for at least 742,000 tonnes of Russian coal using currencies other than the U.S. dollar, according to a summary of …

Russia becomes India’s third-largest coal supplier in July, data shows
2 years, 5 months ago

Russia becomes India’s third-largest coal supplier in July, data shows

Live Mint  

Russia became India's third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coalmint showed. Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the United States, with Mozambique and Colombia alternatingly featuring in the top five. …

Power games: Govt’s Mongolian outreach baffles MEA mandarins
2 years, 5 months ago

Power games: Govt’s Mongolian outreach baffles MEA mandarins

New Indian Express  

The delay in setting up rupee-rouble payment mechanism has resulted in a big pile-up of dues on account of imports from Russia. Russia is the fourth largest supplier of crude oil to India and is our sixth largest trade partner. India buys from Russia large amounts of fertilisers, coal, edible oil, besides crude oil and spares for the defence forces. …

UltraTech Cement paying for Russian coal in Chinese yuan: Report
2 years, 6 months ago

UltraTech Cement paying for Russian coal in Chinese yuan: Report

Live Mint  

India's biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common. Two trade sources familiar with the matter said the cargo's sale was arranged by SUEK's Dubai-based unit, adding that other companies have …

India's Russian oil imports jump 50 times; now accounts for 10% of all import: Official
2 years, 6 months ago

India's Russian oil imports jump 50 times; now accounts for 10% of all import: Official

India TV News  

Highlights Govt had earlier said energy purchases from Russia remain minuscule in comparison to consumption Russian-origin crude accounted for 10% of India's total seaborne imports in April for 1st time After US & China, India is world's third-largest consumer, over 85 per cent of which is imported India's crude oil imports from Russia have jumped over 50 times since April …

India tells oil companies to load up on discounted Russian crude
2 years, 6 months ago

India tells oil companies to load up on discounted Russian crude

Live Mint  

The Indian government has asked state oil companies to scoop up huge volumes of cheap crude from Russia, according to industry executives, strengthening commercial ties with the country even as the West tightens sanctions on Moscow. An Indian government official said that the government wasn’t directing companies to buy Russian oil. The policy is reminiscent of India’s stance on Iran, …

India's Russian coal buying spikes as traders said to offer steep discounts
2 years, 6 months ago

India's Russian coal buying spikes as traders said to offer steep discounts

The Hindu  

India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to two trade sources and data reviewed by Reuters. Offshore units of such Russian coal traders as Suek AG, KTK and Cyprus-based Carbo One in places including Dubai and Singapore offered discounts of 25% to 30%, …

Russian coal miners moving from Europe to India as war upends commodity flows
2 years, 6 months ago

Russian coal miners moving from Europe to India as war upends commodity flows

Live Mint  

The invasion of Ukraine has upended commodity flows, with one of the greatest dislocations being the re-routing of Russian coal from lucrative European markets to bargain-hunting buyers in India. Sales of thermal coal to Europe, a market that traditionally offers price premiums, dropped to about 10% to 15% of total exports from 30% before the invasion, according to two executives …

Russia jumps to fourth position as oil supplier to India: tanker data
2 years, 7 months ago

Russia jumps to fourth position as oil supplier to India: tanker data

The Hindu  

Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in coming months as low prices spur demand from the world's No. The share of African oil in India's overall oil imports declined to about 6% in April from 14.5% in March, while that of U.S. almost halved to 3%. India's oil imports from …

Refiners said to seek six-month Russian oil import deal
2 years, 8 months ago

Refiners said to seek six-month Russian oil import deal

The Hindu  

Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month, multiple sources with knowledge of the matter said, as the world's third largest importer seeks more Russian crude despite Western sanctions. India's top refiner Indian Oil Corp., Bharat Petroleum Corp and Hindustan Petroleum Corp are negotiating the deal with Russia's Rosneft, the sources …

India's oil crisis rises: ONGC struggles to move Russian oil as sanctions bite
2 years, 8 months ago

India's oil crisis rises: ONGC struggles to move Russian oil as sanctions bite

Hindustan Times  

India's Oil and Natural Gas Corp is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say. Several Indian companies including ONGC have stakes in Russian oil and gas assets, and India has been …

US encourages India to participate in its petroleum reserve after Russia’s offer
2 years, 9 months ago

US encourages India to participate in its petroleum reserve after Russia’s offer

Live Mint  

The United States has been in touch with several countries including India on the release of strategic reserves. US President Joe Biden announced the release of one million barrels of oil per day from the nation's strategic petroleum reserves for the next six months in order to keep the lid on oil prices which have been spiralling in the aftermath …

Russia offers discounts on oil to India, one of Putin\'s few fuel buyers
2 years, 9 months ago

Russia offers discounts on oil to India, one of Putin\'s few fuel buyers

Deccan Chronicle  

Russia is offering India steep discounts on the direct sale of oil as mounting international pressure lowers the appetite for its barrels elsewhere following the invasion of Ukraine, according to sources with knowledge of the matter. That contract has a built-in clause that Indian Oil will buy only when it’s economical, the sources said, adding a discount offered by Russia …

Russia offers India big discount on purchase of 15 million barrels of oil
2 years, 9 months ago

Russia offers India big discount on purchase of 15 million barrels of oil

Hindustan Times  

Russia is offering India big discounts on the direct purchase of oil as sales to other nations dip following stringent sanctions over its invasion of Ukraine, Bloomberg reported Thursday. Jaishankar’s sharp comeback to critics on buying cheaper Russian oil Oil is a key subject for India - which imports 85 per cent of its needs - and rising fuel prices …

Russia Offers Oil to India at Big Discount on Pre-Ukraine War Price: What it Means for New Delhi
2 years, 9 months ago

Russia Offers Oil to India at Big Discount on Pre-Ukraine War Price: What it Means for New Delhi

News 18  

Russia is offering deep discounts on its crude oil to seek more buyers amid western sanctions. Here’s what the discount on Russian crude oil means for India: How Much of Crude Oil India Imports Overall and From Russia? In a meeting with British Foreign Secretary Elizabeth Truss, External Affairs Minister S Jaishankar on Thursday said, “When oil prices go up, …

Russia offers India oil at big discount
2 years, 9 months ago

Russia offers India oil at big discount

Live Mint  

Russia is offering India steep discounts on the direct sale of oil as mounting international pressure lowers the appetite for its barrels elsewhere following the invasion of Ukraine, according to people with knowledge of the matter. Russia has also offered rupee-ruble-denominated payments using Russia’s messaging system SPFS, that could make trading more attractive for India, they said. That contract has …

US says no ’red line’, but no rapid increase in India oil imports from Russia
2 years, 9 months ago

US says no ’red line’, but no rapid increase in India oil imports from Russia

Live Mint  

The United States will not set any "red line" for India on its energy imports from Russia but does not want to see a "rapid acceleration" in purchases, a top US official said on Thursday during a visit to New Delhi. Lured by steep discounts following Western sanctions on Russian entities, India has bought at least 13 million barrels of …

India-Russia explore a rupee-rouble payment scheme to bypass war
2 years, 9 months ago

India-Russia explore a rupee-rouble payment scheme to bypass war

Al Jazeera  

If this mechanism picks up, it could also open a window for Indian exporters to ramp up sales to Russia. Mumbai, India–Indian authorities are actively considering dedicated payment mechanisms for trade with Russia to enable existing trade obligations in the wake of sanctions imposed on the Kremlin, a move that will also pave the way for cheaper oil imports to …

Why India needs to buy cheap oil from Russia
2 years, 9 months ago

Why India needs to buy cheap oil from Russia

India Today  

With the Ukraine war showing no signs of easing, India has had to take tough decisions on oil purchases so that its economy is not battered by high crude prices. In the first 10 months of the present fiscal, India imported 175.9 million tonnes of crude oil, worth $94.3 billion, including $2 billion worth of oil from Russia. It is …

India buying up Russian oil cargoes at a discount while European nations avoid due to sanctions: Report
2 years, 9 months ago

India buying up Russian oil cargoes at a discount while European nations avoid due to sanctions: Report

Op India  

Amid the Western sanctions against Russia, there is a looming energy crisis and inflation issue all over the world. Now, a report in Financial Times has stated that while European buyers avoid Russian cargoes of oil, India has almost quadrupled its purchase of Russian crude in recent days. The report in FT states that Russia has sent over 360,000 barrels …

India's Russian coal imports could be highest in over two years in March
2 years, 10 months ago

India's Russian coal imports could be highest in over two years in March

The Hindu  

India's coal imports from Russia in March could be the highest in more than two years, data from research consultancies showed, as Indian buyers continue buying the fuel from a market that is now increasingly isolated by sanctions. Russia, usually India's sixth-largest supplier of coking and thermal coal, could start offering more competitive prices to Chinese and Indian buyers as …

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