Lakshmi Mittal’s energy venture buys Russian oil shipped via US-blacklisted vessels: Report

Economic Times
Economic Times 4M USA
Lakshmi Mittal's energy joint venture purchased Russian oil transported on U.S.-blacklisted vessels, raising concerns over compliance with sanctions. This matters as it highlights the ongoing complexities of global oil trade amid geopolitical tensions.
Lakshmi Mittal’s energy venture buys Russian oil shipped via US-blacklisted vessels: Report
Why it matters
According to a Financial Times investigation, Lakshmi Mittal's energy joint venture has purchased Russian oil transported on U.S.-blacklisted vessels. The Guru Gobind Singh Refinery in Bathinda, Punjab, received at least four shipments valued at approximately $280 million this year. These shipments were transported from Russia's Arctic port of Murmansk to the Gulf of Oman, utilizing vessels that employed deceptive practices to conceal their identities. The U.S. has been increasing pressure on Indian companies to refrain from purchasing Russian oil, especially following sanctions imposed on major Russian oil producers. This situation underscores the complexities of the global oil market, particularly as India has become a significant importer of Russian crude since the onset of the Ukraine conflict.
TOPICS

World & Politics Policy & Regulation Energy & Power Energy Transition

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