India looks elsewhere for oil as US sanctions crimp Russia trade

Tightening enforcement of US sanctions is denting India’s oil trade with Russia, forcing processors to consider other supplies, according to refinery executives familiar with the matter.

Russia is still the dominant supplier to India, but there are signs refiners are buying more from elsewhere. Overall imports from Saudi Arabia are 22% higher this month than January, with the biggest private refiner — Reliance Industries Ltd. — taking its highest volume since May 2020, according to Kpler.