INSUBCONTINENT EXCLUSIVE:
China and India have suspended March purchases of Russian oil as United States sanctions drive up shipping costs, Reuters reported Tuesday,
for delivery to China and $9-$10 million for 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 United States are still offloading oil in China and India under a
waiver period, though some are facing delays at certain ports.The United States 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
