Indian refiners becoming wary of buying Russian oil as EU sanctions loom
Indian refiners are wary of buying Russia crude oil loading after Dec. 5 when European Union sanctions take effect, pending clarity on the proposed G7 price cap mechanism, according to sources familiar with the refiners’ crude purchase plans.
Chinese refiners have already begun slowing down Russian oil imports from next month.
The Asian giants, who are two of the world’s top three importers, had become Russia’s biggest customers after the West shunned Russian oil after the outbreak of war in Ukraine.
