Indian banks consider financing non-sanctioned Russian oil trade

Banks in India are now willing to consider financing trade in Russian oil if volumes come from non-blacklisted sellers and transactions are sanctions-compliant, according to people familiar with the matter.

That’s a shift from a few weeks ago — before the latest US curbs, which took effect on Friday — when lenders were wary of clearing payments for any Russian cargoes, citing difficulties in verifying the supply chain, the people said. They declined to be named due to the sensitivity of the matter.