INSUBCONTINENT EXCLUSIVE:
China and India have suspended March purchases of Russian oil as U.S
sanctions drive up shipping costs, Reuters reported Tuesday, citing traders and shipping data.The U.S
delivery to India.Offers for ESPO Blend crude supplies to China in March rose to premiums of $3 to $5 per barrel above Brent Crude, which
traded at $77.30 per barrel as of mid-Tuesday, Reuters reported.Indian refiners have not yet received fresh offers for March deliveries from
traders handling Russian oil, Bharat Petroleum finance chief Vetsa Ramakrishna Gupta said last week.Despite the sanctions, tankers
previously blacklisted by the U.S
are still offloading oil in China and India under a waiver period, though some are facing delays at certain ports.The U.S
sanctions provide a transition period allowing sanctioned vessels to offload Russian oil by Feb
27 and complete energy-related transactions by March 12.Russia was estimated to operate at least 600 shadow fleet tankers in 2023, with the
10 sanctions package also targeted dozens of traders, insurers, as well as Russian oil majors Gazprom Neft and Surgutneftegaz.The Kremlin
