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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Man booked for duping 7 persons of Rs 91 lakh on promise of awarding govt works
Mumbai (PTI): The Mumbai police have registered a case against a man for allegedly duping seven persons of Rs 91 lakhs on the promise of awarding them works of different government departments, an official said on Tuesday.
The accused was identified as Satish Kadam, a resident of Nanded in Marathwada region, an official said.
A complaint was filed by Hanumant Vadje, who alleged that the accused cheated him and six others of around Rs 91 lakh by promising to give them various works of Urban Development and Social Justice Department, he said.
The fraud occurred between 2024 and 2026, with Kadam collecting money in cash and into his accounts, police said, adding he had returned some amount to them partially.
Multiple cheques issued by the accused bounced, prompting the victim to lodge a complaint at the Marine Drive police station. Based on the complaint, a case of cheating and criminal breach of trust was registered against him.
The case is under further investigation, the official said.
