India’s Oil Imports From Russia Rebound After Initial Sanctions Chaos

Indian imports of crude oil from Russia appear to be rebounding in March following lower purchases earlier this year in the immediate aftermath of the January U.S. sanctions on Russia’s oil trade. Traders have booked more non-sanctioned tankers to deliver crude to India, while the price of Russia’s flagship Urals grade has dropped to below the $60 per barrel price cap by the G7, allowing shipments involving Western companies, Reuters reports, citing ship-tracking data and trading sources. Since the Russian invasion of Ukraine and the…