Indian Oil purchases Russian crude oil from non-sanctioned entities

Indian Oil, the country’s top refiner, has bought five cargoes of Russian oil for December arrival from non-sanctioned entities, traders said, resuming purchases despite pressure from Washington on India to stop buying Russian oil. IOC has bought about 3.5 million barrels of ESPO at about parity to Dubai quotes for delivery at an eastern Indian port in December. Washington last week imposed sanctions on Rosneft and Lukoil, Russia’s two largest oil companies, stepping up efforts to pressure President Vladimir Putin to end the war in Ukraine. Since then, many Indian refiners, including state-run Mangalore Refinery and Petrochemicals Ltd,  HPCL-Mittal Energy Ltd and Reliance Industries, operator of the world’s biggest refining complex, have paused buying Russian oil. IOC’s head of finance, Anuj Jain, however, has said his company will continue to buy Russian oil if the barrels comply with sanctions, as per a report.

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