Recent US sanctions may have muted impact on India's Russian oil buys, could deepen discounts

The latest round of US sanctions targeting Russian shipping major Sovcomflot has led to Indian refiners avoiding oil transported on the shipper's fleet, but the impact of the situation is only expected to be muted on the overall crude oil trade between Moscow and New Delhi, as per an analysis by commodity market analytics firm Vortexa. The agency, in fact, sees the possibility of deeper discounts being offered on Russian oil going forward as buyers may insist on stricter compliance with the G7 price cap of $60 per barrel on seaborne Russian crude. In the latest action against oil tankers…