Shipping Rates of Russian Crude To India Surge 20% Amid Sanctions

Freight rates to ship Russian urals from Baltic ports to India jumped 20% in February to $7 million to $8 million per voyage after the Biden administration imposed harsher sanctions on Russian crude. Russia's provisional February loading plan for western ports was revised up by 19% to 1.9 million barrels per day, Reuters calculations showed early this month. Russian refineries are processing more crude oil in the hope of boosting fuel exports after the Biden administration imposed fresh sanctions on Russian crude. The sanctions have targeted Surgutneftgas…