Overview
- New US measures against Rosneft and Lukoil took effect on November 21, tightening restrictions that target transactions with the sanctioned sellers and their subsidiaries.
- Roughly 48 million barrels linked to the two firms are now loaded or in transit on about 50 tankers seeking destinations, according to Kpler data reported by Bloomberg.
- Indian refiners have curtailed purchases from sanctioned suppliers and rushed to secure alternatives from the Middle East, with Reliance’s Jamnagar export unit set to ship only non‑Russian feedstock from December 1.
- Freight rates on Gulf–India routes have climbed toward five‑year highs as buyers rebook cargoes, and more barrels are shifting to floating storage or ship‑to‑ship transfers to navigate compliance hurdles.
- Russia’s seaborne shipments remain near 3.4 million barrels per day, yet unloading delays are increasing, and analysts flag near‑term refined‑product price volatility for importers, with limited immediate pump effects in some markets.