Energy
Energy security

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

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

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.

By
7 mins read, Last Updated:
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

To Read the Full Story, Become an ET Prime Member

Access the exclusive Economic Times stories, Editorial and Expert opinion

Subscribe Now

Monsoon Offer

Get flat 20% off

on ETPrime membership

Membership Benefits

Access the exclusive Economic Times

Stories, Editorial & Expert opinion

Complete Access with ET Prime

Experience your Economic Times newspaper, The way you've always liked!

Get to know where the market gurus invest & grow your portfolio.

Stock Report Plus

In-depth stock analysis for 4000+ companies

Stock Analyzer

Instant stock analysis based on Solvency, Profitability, Growth, Valuation, Momentum, Risk & More.

Now Available with ET Prime

Manage your money efficiently with this weekly guide.

Clean experience

with minimal ads

Easy & distraction-free reading with 90% less ads

Sharp Insight-rich,

In-depth stories across 20+ sectors

1500+ Exclusive stories & analysis across sectors to help you stay informed

Get One Year Times Prime Subscription worth ₹1199 for free

Get 1 Year Complimentary Subscription of TOI+ worth Rs.799/-

Enjoy unlimited access to breaking news and thought provoking stories from all around the world.

Get One Year Docubay Subscription worth ₹999 for free

Stream award-winning international documentaries from more than 100 countries.

Offers By Our Partners

Exclusively for ET Prime Members

Members Love Us

The stalwarts of the industry trust ET Prime for insightful analysis & unbiased thought pieces

Gift a story

Your membership includes Story Gifting Credits. Now gift exclusive stories to your friends & peers.

Comment & Engage

with ET Prime community

Communicate & build a connection with great minds of the industry

A trusted team of

Journalists & Analysts

Unbiased perspective & detailed reporting by our team of journalists who have in-depth knowledge and years of experience