Industry officials maintain that enough oil supply is available in the global market and replacing the lost Russian oil volumes should not be difficult.

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia’s oil industry.

The wide-ranging sanctions imposed by the U.S. on the Russian oil sector have started to dent near-term oil flows to India with state-owned Bharat Petroleum Corporation Ltd. (BPCL) saying not enough cargoes are available for March.

India’s state refiners are rushing to speed up payments for Russian crude, hoping to complete their trades before a dramatic expansion of Washington’s curbs on Moscow’s oil industry effectively comes into force next month,

Crude oil purchases by Indian Oil Corp. may shift as the new US sanctions on Russia affect supplies from Moscow, pushing the South Asian country’s biggest refiner to seek alternatives.

India has allowed Russian insurer Soglasie Insurance Company to provide marine cover to tankers entering Indian ports, according to Indian ship regulator's website, as New Delhi wants steady supply of cheaper Russian oil despite latest U.

Following Russia's invasion of Ukraine in 2022, India became a major buyer of Russian crude oil that was widely sanctioned by the West. That may be about to change.

Russia also accounts for about 65% of India’s arms imports over the past 20-odd years. Besides, they argued, India needs to nurture the relationship to offset warming ties between Russia and China, India’s chief rival.

Middlemen supplying Russian oil are not offering cargoes due to new U.S. sanctions targeting Russian producers, tankers and insurers, according to the finance chief at Indian refiner Bharat Petroleum.