Russian oil will cool import bill, prices. But don’t miss the cost of refining lower-grade crude.

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A Russian ice-resistant platform, intended to drill and operate oil wells in the Caspian Sea, around 180km outside Astrakhan.

Synopsis
A switch to Russian oil won’t happen overnight. The Russian crude is of Class-B grade. It is waxy and sticks more firmly to surfaces. The Indian refiners, who deal more with supplies from West Asia, will have to recalibrate their processes. That will involve some cost. Also, India needs to work out a payment mechanism that circumvents international sanctions.

As Russian ground forces kept their slow but steady forward march into Ukraine amid a series of international sanctions, a media statement from the Russian envoy to India, Denis Alipov, on March 5 went something like this. “It makes sense for Indians to take advantage of the Ukraine-Russia situation when West partners refuse to cooperate. A window of opportunity for Indian business ... makes sense for India to cooperate.” Indeed, the Indian