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Sunday, 19 November 2023 05:40

India To Decide Whether U.S Sanctioned Ships Carrying Russian Crude Will Enter the Country Or Not

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Indian Ministry of External Affairs will decide if ships sanctioned by the U.S Treasury Department will enter India or not. The three vessels, Kazan, NS Century and Ligovsky Prospect, are registered with UAE-based companies and are en route to India.

The U.S. government has accused these ships of exporting Russian crude oil at the rate of over USD 60 per barrel after the price cap on Russian crude was brought about. This development came when Russia invaded Ukraine and aimed to decrease Russia’s oil revenues that it gets from selling its crude oil. 

However, a rise in prices of oil across the world has led to incidents where Russian crude was bought by some. Hence, the US targeted shipping companies and insurers that engage in Russian crude oil transportation.

Shyam Jagannathan, Director General of Shipping, has made it clear that the port rules and regulations do not restrict the entry of these ships into India, which are now moving towards Gujrat’s Vadinar, which is not a major port. Vadinar was taken over by Russian Rosneft in 2016.

India is also preparing for the PM Maritime Amritkaal Vision to make India the global maritime leader by 2047. This includes the modernisation of Indian ports by 2047, building green tugs at Cochin Shipyard, opening new opportunities for export and setting up Green Hydrogen Hubs at Den Dayal Port and VO Chidambarananar ports.

Per an official statement, around 177 projects have been completed at Major Ports in 2022-23, while 162 projects are still at different stages of implementation with an investment of over one lakh crore.

 

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