New Delhi, January 02: Amid escalating concerns over payment issues to Moscow, multiple vessels transporting Sokol oil from Russia’s Far East are altering their routes away from India. Recent vessel-tracking data reveals a shift in course for five ships—NS Commander, Sakhalin Island, Krymsk, Nellis, and Liteyny Prospect—heading towards the Malacca Strait at speeds ranging from 7 to 10 knots. Another vessel, NS Century, also laden with Sokol, remains in proximity to Sri Lanka.
The diversion of these oil-carrying vessels from India’s shores follows worries regarding oil payments that led to a decline in arrivals last month. Viktor Katona, lead crude analyst at Kpler, highlighted China’s potential intervention to rescue the stagnant Sokol cargoes.
December saw a notable drop in India’s oil imports from Russia, crucial for Moscow amid the ongoing Ukraine conflict. Kpler reported that local refiners did not receive any Sokol cargo due to payment uncertainties.
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The imposition of sanctions by the US and its allies against entities violating the capped $60-a-barrel limit on Russian crude exports has further complicated matters. A senior Treasury official announced heightened enforcement measures, intensifying the regulatory landscape.
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Among the vessels, NS Century, carrying approximately 700,000 barrels, had previously faced US Treasury sanctions. Four others also transport similar volumes, while Nellis boasts a capacity twice as much. Sovcomflot PJSC, a state-backed Russian shipping company, owns most of these vessels, adding a layer of complexity to the situation.
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