Russian oil turns dearer for Indian refiners after US enforces price cap

Moves by Washington to enforce the price cap strictly by opening investigations into five tankers transporting Russian oil has created concerns among refiners and traders

Ongoing US investigations into Russian ships carrying oil to India threaten to disrupt flows this month even as Indian purchases of Russian crude rose 7 per cent in November from October, according to ship tracking data and industry sources.

Discounts on Russian crude, averaging $4.50-$5/bbl, are threatened by rising freight rates for tankers transporting oil to India. Ship brokers were quoting up to $12/bbl for transporting Russian oil to India around 10 days back, 50 per cent higher from $8/bbl levels seen last month, Mumbai-based refining officials said. The rise in rates was in response to the US blacklisting five