Reuters: Indian refinery resumes purchases of Russian oil

Indiaʼs leading oil refinery, Indian Oil, has resumed purchases of Russian oil, despite US sanctions against Russiaʼs largest oil and gas companies.

Reuters reports this, citing its own sources.

According to sources, an Indian refinery has purchased five batches of Russian ESPO crude oil for delivery to an Indian port in December. This is about 3.5 million barrels.

The sources did not specify who exactly acted as the seller. But Reuters notes that they are not subject to US sanctions.

Earlier, Indian Oil canceled seven shipments of Russian oil after the announcement of US sanctions.

What preceded

On October 23 , the United States imposed sanctions on Rosneft and Lukoil, Russiaʼs two largest oil and gas companies. A number of their subsidiaries were also added to the sanctions list. The US imposed the sanctions "due to Russiaʼs lack of serious commitment to the peace process".

After that, Reuters wrote that Chinaʼs state-owned oil companies suspended purchases of Russian oil transported by sea.

India is also reportedly looking to cut imports of Russian oil to comply with US sanctions, and is looking with China for alternative sources of supply from the Middle East, Africa and Latin America.

Indian Oil Corpʼs chief financial officer Anuj Jain said the company "will continue to buy Russian oil if prices meet sanctions conditions".

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