A tanker carrying crude from recently-sanctioned Rosneft PJSC has made a rare cargo transfer off Mumbai, as the Trump administration ramps up its scrutiny of India’s oil trade with Russia.

But the unusual move has puzzled traders. The cargo was transferred from one blacklisted tanker to another sanctioned ship, meaning there’s been no attempt to hide its origin — typical of such a move — and the crude is still heading for an Indian port: Kochi in the south, rather than Mumbai on the west coast.

India’s purchases of Russian oil have drawn the ire of President Donald Trump, and the US penalties on Rosneft along with Lukoil PJSC are expected to severely impact the trade. The market is keenly watching for disruptions to established flows before a grace period related to the sanctions ends la

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