The war halted India's import of sunflower oil from the Black Sea region

MUMBAI: An estimated 3.50 lakh tonnes of sunflower oil coming into India from the Black Sea region has stalled at ports and producers, local dealers said. India has also halted new purchases of sunflowers and forced imports of soy and palm oil to halt operations at ports after Russia's invasion of Ukraine.

India had signed contracts with Black Sea region suppliers for import of 2.10 lakh tonnes of sunflower oil for February and March delivery. Of this, 1.8 million tonnes of oil was shipped in February, while the remaining 2.4 million tonnes of sunflower oil, valued at ૫૭ 50 million, was stuck in Ukraine and Russia, local traders said.

The movement of goods is unlikely to begin until the war is over.

The Black Sea region accounts for 40% of the world's sunflower oil production. Out of the total exports of Santel, 3% is exported from this area.

India is the largest importer of sunflower oil in the world. Traders are also turning to soy and palm oil as imports of sunflower oil have stalled, market sources said.