Investigating sexual violence as war crimes — "He Came Back"
Our War Crimes Investigations Unit released its new documentary, “He Came Back”. The film is about two cases of sexual violence committed by Russian soldiers during the occupation of Kherson and Kyiv oblasts in 2022 — and the process of identifying the offenders. Watch it on our YouTube channel.
Skip to content
Edit post

Reuters: Payment problems delay Russian oil shipments to India

by Abbey Fenbert December 27, 2023 7:29 AM 2 min read
The Russian oil tanker Crius waits for a cargo of oil in Ceuta, Spain, on March 5, 2023. (Antonio Sempere/Europa Press via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Payment issues have caused delays in shipments of Russian Sokol crude oil to India, forcing Indian Oil Corp (IOC) to purchase more oil from the Middle East, Reuters reported Dec. 26, citing sources close to the matter.

IOC is India's largest refinery, and the only state-owned refinery with an annual contract to buy varieties of Russian grades, including Sokol, from the Russian oil giant Rosneft.

According to shipping data, IOC was set to receive six shipments of Sokol from late November to December, but those cargoes were not delivered. One of the tankers, the NS Century, was sanctioned by the U.S. on Nov. 16.

While the NS Century is bound for Singapore, the other shipments remain floating off the coasts of India and Sri Lanka.

"The supplier has an intent to deliver crude oil. Hopefully a solution will be found soon," one source told Reuters.

Join our community
Support independent journalism in Ukraine. Join us in this fight.
Support us

IOC has been paying for Russian oil supplies with dirhams, the currency of the United Arab Emirates, since the Indian government advised all its state-owned refineries to switch from Chinese yuan to dirhams.

Sources told Reuters that IOC's payments were delayed because Sakhalin-1 LLC, the Rosneft entity that supplies Sokol oil to IOC, has not been able to open a bank account in the UAE that can accept dirham payments.

India has become a critical market for Russian oil amid intensifying Western sanctions. It is now the largest buyer of Russian seaborne crude, though sanctions present logistial difficulties in coordinating shipments.

According to Reuters, India's oil ministry told a parliamentary panel in December that state oil companies have difficulties paying for Russian oil supplies because some banks cannot process payments for Russian oil in U.S. dollars.

The ministry also told the panel that India was complying with the G7's price cap of $60 per barrel for seaborne Russian oil.

Ukraine’s effort to isolate Russia’s economy through ‘International Sponsors of War’ list
Editor’s Note: This story was sponsored by the Ukrainian think-tank Center for Democracy and Rule of Law (CEDEM). What do a Snickers bar, an Oreo cookie, and Haagen-Dazs ice cream have in common? Apart from being beloved sweet treats, these products are manufactured by companies that were named “i…

Before you skip this banner, we want to tell you something…

The Kyiv Independent doesn’t depend on a wealthy owner or an oligarch — in 2023, 80% of our revenue was from reader contributions . It’s thanks to them that we don’t have to rely on a single owner.

Support us now and help maintain our independent model and keep our articles free for everyone. Your contributions allow us to cover journalists’ salaries, report from the front lines, and fund projects like our War Crimes Investigations Unit.

visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
2:29 AM

United Russia party secretary resigns.

The move is regarded as a demotion initiated by Russian President Vladimir Putin, who appointed Andrei Turchak earlier this month to serve as governor of the Altai Republic in southern Siberia.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.