India is new major player in Russian oil market once dominated by China

India has pushed into a corner of the Russian oil market once dominated by China, taking a record number of shipments of a Far Eastern grade as the fallout from Moscow’s invasion of Ukraine reshapes trade flows.

Six vessels hauling Russian crude known as ESPO were headed to refiners in the South Asian nation in August, according to traders and shipbrokers. That’s the highest number of cargoes purchased by India since the stream was introduced, and accounts almost one-fifth of available monthly shipments.

“ESPO crude is now becoming a steady flow for India, a country that wasn’t a big fan