State-owned Rosneft allocated seven 100,000-tonne cargoes loading between May 15 and 31 to IOC, according to the traders.
Flows of Urals crude to India have risen since Moscow’s actions in Ukraine in February, according to Refinitiv Eikon data, as Western sanctions push Russian exports toward Asia.
The European Union’s executive proposed a Russian oil embargo on Wednesday as part of its sixth and harshest round of sanctions on Moscow over the Ukraine conflict, which Russia calls a “special military operation.” read more
In May IOC will load Rosneft-sourced Urals oil volumes from Baltic ports for the first time. Previously the major buyers of the cargoes were trading firms Vitol and Trafigura.
However, international traders will stop purchases of oil from Rosneft after May 15 as EU sanctions over several Russian companies come into effect. read more
Last December IOC and Rosneft signed a term contract for supply of up to 2 million tonnes of Urals oil until the end of 2022.
