Indian Refiners Are Scrambling To Buy Russian Oil Before December 5

At least four Indian refiners are looking to buy Russian crude cargoes that can load ahead of December 5—the day on which the EU embargo and the price cap on Russian oil takes effect—and discharge before January 19, Bloomberg reported on Monday, quoting sources with knowledge of the plans. While considering the parameters of the price cap, the U.S. Treasury issued at the end of October guidance that says Russian crude oil loaded onto a vessel at the port of loading for maritime transport prior to December 5 will not be subject to the…