(Bloomberg) -- As the US intensifies sanctions pressure on Moscow, Russia’s crude trade with India has begun to resemble a game of oil whack-a-mole. Just as ...
-- As the US intensifies sanctions pressure on Moscow , Russia ’s crude trade with India has begun to resemble a game of oil whack-a-mole. Just as one trader begins to lose prominence, another pops up.New firms, going by names unfamiliar to even the most experienced merchants across Asia, have been constantly emerging to handle shipments between the the OPEC+ producer and the world’s third-largest importer and consumer, according to traders and India n refinery executives.
Traders said the ease of incorporating new businesses in locations such as Dubai and Hong Kong has been pivotal to the creation of pop-up firms. Most of these names had not been seen or heard, even by those close to the trade, just months earlier. With the support of these merchants, as well as the ones that came before, India’s imports from Russia surged from almost zero pre-Ukraine war to a peak of over two million barrels a day last year, before slipping a little from that level.
In recent months, several cargoes of Russian oil bound for India got stuck as the US ramped up sanctions targeting traders and shipowners such as Sovcomflot PJSC. Some deliveries have been diverted to China as a result of these complications, while others attempted to transfer their cargoes onto other vessels at locations such as Oman.
Volatility-linked investment strategies are joining the nascent sell-off in U.S. stocks and could help accelerate declines if market gyrations keep increasing. Volatility control funds - systematic investment strategies that typically buy equities when markets are calm and sell when they grow turbulent - hoovered up stocks as the S&P 500 marched to record highs this year.
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