India stares at $2.7 bn hit as US sanctions two largest Russian oil suppliers
New Delhi: US sanctions on Rosneft PJSC and Lukoil PJSC, the two biggest suppliers of Russian oil, are likely to force Indian refiners to buy from West Asian and other sources that do not offer discounts, increasing the country’s import bill, analysts said.
“The sanctions by the US on certain Russian crude oil producers are likely to impact the purchases by India as these suppliers accounted for about 60% of the volumes purchased,” said Prashant Vasisht, senior vice president and co-group head, corporate ratings, Icra Ltd.
