Moscow's shipments were halted by Western sanctions, but Indian giants such as Reliance's Jamnagar, the world's largest refinery, devoured Urals grade and turned it into aviation fuel that ironically powered Europe's fleets affected by the restrictions, bringing in $6 billion in refined reward.
The only thing more glaring here than the obvious lie that the US controls India’s oil purchases is the sheer hypocrisy of the US government to insinuate that their sanctions are a blessing for the world, and when they pretend to un-sanction their own sanctions, it is again for the benefit of the world.
The US Development Finance Corporation will provide political risk insurance to shipping lines at reasonable rates. Trump also warned the US Navy may escort tankers if tensions escalate and passage through the Strait of Hormuz remains unsafe.
Around one fifth of global crude flows through the strait, where insurance costs once stood at 0.25 per cent of vessel value but are now rising sharply, threatening overall voyage economics and wider energy markets.