As the US intensifies sanctions pressure on Moscow, Russia’s crude trade with India has begun to resemble a game of oil whack-a-mole. Just as one trader begins to lose prominence, another pops up.
New firms, going by names unfamiliar to even the most experienced merchants across Asia, have been constantly emerging to handle shipments between the the OPEC+ producer and the world’s third-largest importer and consumer, according to traders and Indian refinery executives. Highlighting the difficulties of global sanctions enforcement, they are often connected to the same individuals.
