RUSSIA – India Stops Buying Russian Oil as Sovcomflot is Sanctioned & USA Crackdown Continues
Video Summary
The Russian economy is facing a devastating impact due to the increase in sanctions against them. The US has imposed sanctions on a Russian company called Socoml, which owns 120 oil tanks and transports 12% of Russia’s oil exports. As a result, India’s largest private oil refinery, Reliance, has announced that it will no longer take delivery of Russian oil transported by Socoml. This is a major blow to Russia, as India has already reduced its oil imports from Russia in the last six months and is now increasing its purchases from the US.
The sanctions are also having an impact on Russia’s income. The price of Russian oil has risen above $60 per barrel, which is the price cap set by the West. Russia is now selling oil at a discount to encourage buyers, but this is becoming less effective as more and more companies are being hit with sanctions, including Socoml, one of Russia’s biggest oil exporters.
Russia is now facing a major problem, as it is losing its biggest customer, India, and is being forced to sell oil at a lower price. The loss of income from oil exports will put additional pressure on the Russian economy, which is already struggling with the reduction in oil production and refining capacity due to the invasion of Ukraine.
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