India-bound Russian oil tanker turns back amid fresh US sanctions, refiners on alert
Chennai: An India-bound oil tanker carrying Russian crude has abruptly reversed course in the Baltic Sea, raising concerns over possible disruptions in the oil trade between India and Russia, Bloomberg reported on Wednesday.
The vessel, identified as Furia, had loaded around 730,000 barrels of Urals crude from Russia’s Primorsk port and was originally headed for Sikka port in Gujarat. The tanker turned back and updated its destination to Port Said in Egypt, after reaching the Fehmarn Belt between Denmark and Germany, as reported by The New Indian Express. The turnaround of the tanker suggests potential shipping, insurance, other complexities arising from sanctions enforcement and issues linked to the latest US sanctions.
The fresh sanctions on Russian energy majors, including Rosneft and Lukoil, require all ongoing transactions to be wound down by November 21. This will raise an uncertainty among Indian refiners that rely on discounted Russian supplies.
While early indications suggest that Indian oil imports from Russia may fall significantly or possibly pause temporarily, refiners such as Reliance Industries, Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum are reevaluating their contracts.
Since 2022, India has emerged as one of the largest purchasers of Russian crude. It has been benefiting from the significant discounts that have raised refining margins and reduced import expenses. Industry analysts warn that any disruption might push refiners to seek more expensive alternatives from the Middle East, Africa, or Latin America, raising fuel input costs and reducing revenues.
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Yogish Goudar murder case: Congress MLA Vinay Kulkarni, 16 others sentenced to life imprisonment
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Bengaluru: A special court for people’s representatives has sentenced Congress MLA Vinay Kulkarni and 16 others to life imprisonment in connection with the murder of BJP leader Yogish Goudar.
The verdict was delivered by judge Santhosh Gajanana Bhat. The court had earlier, on Wednesday, held all 17 accused guilty of murdering Goudar, while reserving the quantum of punishment.
On Friday, the court pronounced the sentence, awarding life imprisonment to all the convicted persons in the case.
Yogish Goudar, a BJP member from the Hebballi Zilla Panchayat constituency in Dharwad district, was murdered in 2016.
