India picks up non-sanctioned Russian oil as discounts widen

India’s state-run refiners Indian Oil Corp. and Bharat Petroleum Corp. have bought Russian crude for January delivery, lured by discounts and plentiful supplies from non-sanctioned sellers, according to people familiar with the matter.

The unspecified number of cargoes has been secured at a discount of about $5 per barrel to Dated Brent from new trading entities, the people said, asking not to be named as the discussions are not public. That compares to a narrower discount of $3 per barrel a month ago.