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Review of the Russian market as of March 25

According to Bloombergall Indian refineries refuse to accept Russian oil transported by tankers Sovcomflot (FLOT 128.16 ₽, −1.45%). We believe that at this stage it is premature to worry about this, since India will not be able to compensate for Russian oil with American oil – the volume of total oil exports from the United States in 2023 reached a record 4.1 million bpd on average, while India in February In 2024, it imported 1.2 million bpd from Russia, taking into account the reduction in purchases due to fears of secondary sanctions. At the same time, refusal to cooperate with such a major player as Sovcomflot will increase freight rates against the backdrop of the already existing global capacity shortage in the maritime transportation segment.

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