Indian lenders to finance Russian oil trade amid sanctions compliance and verification checks

Indian banks are now willing to consider financing trade in Russian oil if it is sourced from non-blacklisted sellers and transactions are sanctions-compliant, indicating that the country’s biggest energy supplier of the last four years may retain a toehold in India’s import mix.

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, Bloomberg reported quoting unnamed sources.