India Remains Steady Amid US Sanctions on Russian Oil Fleet

India's reliance on Russian oil faces uncertainties with new US sanctions on Russian tankers. While current supplies are unaffected, Indian refineries will avoid sanctioned vessels. Russia may offer discounts to maintain exports, with Indian firms ready to source oil from Middle Eastern suppliers if necessary.

India, the world's third-largest importer of oil, is navigating potential disruptions in Russian oil supply following new US sanctions. These sanctions, targeting Russian oil producers and a fleet of ships, aim to curb Moscow's revenue streams.

A government source confirmed that India expects continued Russian oil deliveries for the next two months, although refineries will avoid using tankers affected by US sanctions. These sanctions could prompt Russia to offer deeper discounts to retain market access in India.

With Russian crude purchases rising to 40% of India's total oil imports since the Ukraine conflict began, the nation is preparing alternative supply strategies and remains optimistic about managing any potential shortfalls.

(With inputs from agencies.)