Largest Importer Of Russian Oil Casts A Blow To The Kremlin
- 22.01.2025, 11:55
- 3,976
India has begun blocking payments to Russia.
Banks India, which is the world's second-largest importer of Russian oil, have begun blocking payments to Russia. The problems with transactions began after January 10, when the previous US administration imposed sanctions on the Russian oil industry.
According to Energy Intelligence, the state-owned State Bank of India and Punjab National Bank have shown the greatest caution. Private banks have taken a less strict approach.
In 2024, India imported 1.7 million barrels of oil per day (about half of all seaborne shipments of Russian oil). At the same time, about 20% of oil exports from Russia to this country were provided by sanctioned Surgutneftegaz and Gazprom Neft, and 450 thousand barrels per day were supplied by tankers of the “shadow fleet”.
According to Reuters, the sanctions were imposed when Indian refineries were just negotiating deliveries for March, so they were forced to urgently look for alternative suppliers. As a result, they have already agreed to purchase raw materials in Oman and the UAE, and have also begun negotiations with Saudi Arabia and West African countries.
Since the last deadline set by the US Treasury for completing transactions with sanctioned individuals and entities expires on March 12, Indian refineries are ready to accept Russian oil until this date, but only on tankers loaded before the sanctions were imposed.
Thus, Russia may lose about 2 trillion rubles, or 10-20% of all oil and gas revenues in 2025, according to Janis Kluge, a researcher at the German Institute for International Security Studies. The expert called Biden's “farewell” sanctions the toughest of all time.
These restrictions could cost the aggressor country's economy 1% of GDP, and will also reduce Russia's income both in the budget and in terms of the trade balance. It is worth noting that in 2024, Russian oil and gas companies paid 11.13 trillion rubles in taxes, and although this is 26% more than in the previous year, they failed to reach the plan of 11.3-11.5 trillion.
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