IOC to abide by all intl oil sanctions in crude purchase

Indian oil refiners, including Indian Oil Corporation (IOC), may not completely halt purchases of Russian crude despite fresh US sanctions, as the measures target specific Russian suppliers rather than the oil itself.

Officials said that while four Russian oil companies have been sanctioned so far, India’s largest supplier, Rosneft, which handles nearly 45 per cent of the country’s Russian crude imports, acts as an aggregator rather than a direct producer — allowing non-sanctioned entities to continue supply.