Sanctions Shift: India’s Russian Oil Connection Under Scrutiny
Indian Oil Corporation pledges to comply with international sanctions amidst shifting import dynamics. Indian refiners are cutting down Russian oil imports due to new US and EU sanctions, impacting Moscow's revenues. Companies like Reliance and Nayara are adapting strategies to avoid potential shipping and banking restrictions.
- Country:
- India
The Indian Oil Corporation (IOC) has committed to adhering to international sanctions, as Chairman Arvinder Singh Sahney declared the company's stance while avoiding comments on Russian oil purchases.
Market dynamics are shifting as Indian refiners curtail Russian oil imports to sidestep secondary sanctions affecting shipping and banking services, triggered by renewed US sanctions targeting Russia's oil sales.
Industry shifts see major players like Reliance adjusting their sourcing strategies and refining operations to comply with new EU, UK, and US restrictions, while Russian oil imports for India face a potential decline post-November.
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