Indian Oil imports Defy G7 Cap as Russian prices soar
OIL & GAS

Indian Oil imports Defy G7 Cap as Russian prices soar

In October, the average cost of Russian oil delivered to India, its primary buyer, surged to $84.20 per barrel, surpassing the $60 price limit established by the Group of Seven nations in the preceding December, as per preliminary data from the Indian government.

Despite attempts by Western nations to restrict revenue to Moscow and funding for the Ukraine conflict, India, the third-largest global oil importer and consumer, paid the highest prices for Russian oil since the imposition of the price cap. India has emerged as the foremost purchaser of Russian crude via maritime routes, particularly as Western countries scaled back purchases following Moscow's invasion of Ukraine over a year ago.

In September, India had acquired Russian oil at an average price of approximately $81.24 per barrel, as calculated by Reuters based on the latest data from the Indian Trade Ministry's website.

There are expectations of an increase in India's intake of Russian oil with the softening of prices, as stated by a government official last week. The cost of Russia's primary Ural grade in Baltic ports has fallen below the $60 per barrel ceiling since late November.

Despite international efforts to reduce reliance on Russian oil, India, seeking to minimise its crude import expenditures, finds the average cost of Russian oil more favourable than that from Iraq and Saudi Arabia, the second and third-largest oil suppliers to India. In October, barrels of oil from Iraq and Saudi Arabia averaged $85.97 and $98.77, respectively.

Aside from direct Russian supplies, Indian refiners also receive Russian oil from ports in Greece, Spain, and Korea. The majority of Indian refiners purchase Russian oil on a delivered basis, with sellers handling shipping and insurance arrangements.

While the G7-imposed ceiling permits the utilisation of Western services such as shipping and insurance, adherence to this limit remains challenging. The Indian government data does not specify additional charges like freight and insurance, but these costs significantly exceed the $60 per barrel price cap. In an effort to curb Moscow's revenue and close loopholes, the United States recently imposed sanctions on maritime companies and vessels involved in shipping Russian oil sold above the $60 price cap.

In October, the average cost of Russian oil delivered to India, its primary buyer, surged to $84.20 per barrel, surpassing the $60 price limit established by the Group of Seven nations in the preceding December, as per preliminary data from the Indian government. Despite attempts by Western nations to restrict revenue to Moscow and funding for the Ukraine conflict, India, the third-largest global oil importer and consumer, paid the highest prices for Russian oil since the imposition of the price cap. India has emerged as the foremost purchaser of Russian crude via maritime routes, particularly as Western countries scaled back purchases following Moscow's invasion of Ukraine over a year ago. In September, India had acquired Russian oil at an average price of approximately $81.24 per barrel, as calculated by Reuters based on the latest data from the Indian Trade Ministry's website. There are expectations of an increase in India's intake of Russian oil with the softening of prices, as stated by a government official last week. The cost of Russia's primary Ural grade in Baltic ports has fallen below the $60 per barrel ceiling since late November. Despite international efforts to reduce reliance on Russian oil, India, seeking to minimise its crude import expenditures, finds the average cost of Russian oil more favourable than that from Iraq and Saudi Arabia, the second and third-largest oil suppliers to India. In October, barrels of oil from Iraq and Saudi Arabia averaged $85.97 and $98.77, respectively. Aside from direct Russian supplies, Indian refiners also receive Russian oil from ports in Greece, Spain, and Korea. The majority of Indian refiners purchase Russian oil on a delivered basis, with sellers handling shipping and insurance arrangements. While the G7-imposed ceiling permits the utilisation of Western services such as shipping and insurance, adherence to this limit remains challenging. The Indian government data does not specify additional charges like freight and insurance, but these costs significantly exceed the $60 per barrel price cap. In an effort to curb Moscow's revenue and close loopholes, the United States recently imposed sanctions on maritime companies and vessels involved in shipping Russian oil sold above the $60 price cap.

Next Story
Infrastructure Urban

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Next Story
Infrastructure Energy

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Next Story
Infrastructure Urban

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement