Tankers laden with Russian oil are arriving at U.S. ports thanks to a loophole, industry observers say.
A “significant” share of Russian crude oil is being re-exported through refineries in India to the U.S. and Europe, according to the report from Helsinki-based think tank Centre for Research on Energy and Clean Air.
Since Russia’s invasion in late February, global oil prices have soared, giving refiners in India and other countries an added incentive to tap oil. Moscow is offering them at steep discounts of $30 to $35 a barrel, compared with Brent crude and other international oil now trading at about $120 per barrel.
