Many Indian refiners pause new Russian oil orders, await clarity

Many Indian refiners have paused new orders for Russian oil since U.S. sanctions last week on Moscow’s top two crude exporters as they await clarity from the government and suppliers, with some turning to the spot market for alternatives, industry sources said.

However, state-run Indian Oil said on Tuesday it would not stop buying Russian oil as long as it is complying with sanctions.

“Russian crude is not sanctioned. It is the entities and the shipping lines which have got sanctions,” Anuj Jain, Indian Oil’s finance director, said during a post-earnings call.