An Indian shipping source familiar with the certification process said most of Sovcomflot's vessels had now migrated to IRClass, via the Dubai arm. India, which has refrained from condemning Russia given its longstanding security ties, has sharply boosted Russian crude oil purchases in recent months. Read full storyWestern sanctions against Russia prompted many oil importers to shun trade with Moscow, pushing spot prices for Russian crude to record discounts against other grades. That provided Indian refiners, which rarely used to buy Russian oil due to high freight costs, an opportunity to snap up low-priced crude. People familiar with the situation told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships, including Sovcomflot's fleet.

Source: bd News24 June 22, 2022 17:41 UTC