#Russia_Energy: While China is showing increased vigilance over secondary sanctions for importing Russian oil as the day of the embargo (Dec 5) approaches, India is acting in a riskier fashion. Indian companies have taken several steps (with state permission):⤵️
1) Indian Oil Corp and Nayara Energy refineries ordered oil from Russia beyond Dec 5th (when the EU imposes the embargo and the oil price cap is supposed to enter in force). Other Indian processors that used to buy Russian oil are more cautious and suspended⤵️
the imports for Dec. This speaks of the non-existent state regulation that imposes a single approach to the foreign sanctions regime; 2) Indian and Russian financial institutions have established compatibility mechanisms to approve Russian insurance for seaborne oil imports.⤵️
In addition, Indian resorted to de-dollarized mechanisms to make foreign trade payments in rupees through “vostro accounts” of foreign banks in India. As a result, Russian banks (VTB, SberBank, Gazprombank) opened “vostro accounts” with⤵️
Indian banks or their subsidiaries in India. “Vostro accounts” represent the accounts of a domestic bank (India) for a foreign bank (Russian entities) in the currency of the domestic bank (rupee). Russia is increasingly relying on Indian geopolitical individualism-pragmatism.👇 
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