DB-Weekly Voyage Indian Refiners Reportedly Halt Russian Crude Imports-20250804

Last week, Reuters reported that several refiners in India halted purchases ofRussian oil cargoes despite comments from India's Foreign Ministry that therewould be no change in official policy regarding bilateral trade with Russia. Inaddition to sanctions threats by the US, the EU also recently adopted its 18 thpackage of sanctions against Russia, which included lowering the oil price cap forcrude oil from $60/bbl to $47.6/bbl and an import bank on refined oil productsderived from Russian crude. We believe the new sanctions could result in lessrefined product volumes coming from Turkey into Europe, which could result inincreased tonne-mile demand as substitute volumes come from further distances.Additionally, we believe that fewer European owners would be able to operate inline with or below the oil price cap, which may remove a portion of the tanker darkfleet servicing Russian volumes.