The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said.
Russia bills Indian refiners at a price shade less than the $60 per barrel price cap imposed by the West but charges anything between $11 to $19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to the west coast, three sources with knowledge of the matter said.
The $11-19 per barrel shipping costs from the Russian ports to India — some of it on the 100+ tankers reportedly acquired by Russian actors for a shadow fleet — are higher than rates for comparable distances, such as a voyage from the Persian Gulf to Rotterdam.
