US sanctions Rosneft and Lukoil
The sanctions legally restrict use of Rosneft- and Lukoil-linked crude, shrinking the pool of discounted Russian feedstock available to refiners and imposing procurement and processing constraints for companies that relied on that supply.
Change
US sanctions on Rosneft, Lukoil and their majority-owned subsidiaries took effect on November 21, designating crude linked to those firms as a "sanctioned molecule".
Why it matters
Sanctions on Rosneft, Lukoil and their majority-owned subsidiaries took effect on November 21 and classify crude tied to those firms as a "sanctioned molecule." India's Russian crude imports averaged about 1.7 million barrels per day this year, with November arrivals projected at 1.8–1.9 million bpd. Analysts estimated near-term Russian crude flows to India would fall to around 400,000 bpd in December and January. Reliance stopped importing Russian oil into its 704,000 bpd export-oriented Jamnagar SEZ refinery on November 20; from December 1 product exports from that SEZ will be derived exclusively from non‑Russian crude, pre-October 22 Russian cargoes will be honoured, and post-deadline arrivals will be routed to its separate 660,000 bpd domestic-market refinery.
Implications
- — Near-term Russian crude inflows to India estimated around 400,000 bpd for December–January.
- — Export-oriented Jamnagar SEZ refinery will not process Russian crude for product exports from December 1.
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