Russia has continued to send cargoes of crude oil to India on tankers that have been sanctioned by the US, Bloomberg reported on Tuesday.

Indian Oil Corp , the country's top refiner, is facing a potential drop in its Russian oil imports this fiscal year ending March 31, following the latest U.S. sanctions on Moscow, according to its head of finance,

The United States has clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow's oil revenue, India's oil secretary Pankaj Jain told reporters at an event.

Following Russia's invasion of Ukraine in 2022, India became a major buyer of Russian crude oil that was widely sanctioned by the West. That may be about to change.

Crude oil purchases by Indian Oil Corp. may shift as the new US sanctions on Russia affect supplies from Moscow, pushing the South Asian country’s biggest refiner to seek alternatives.

Indian Oil Corp (IOC) is seeking high-sulphur oil from the spot market in its first sour crude import tender since March 2022, expecting the latest U.S. sanctions to hit supplies from Moscow, trade sources said on Thursday.

Trade for March-loading Russian oil in top buyer Asia has stalled as a wide price gap between buyers and sellers emerged in China after costs for chartering tankers unaffected by U.S. sanctions jumped,

Russia is sending cargoes of sanctioned oil to India on tankers that have been blacklisted by the US Treasury — setting up an acid test of Moscow's ability to get around aggressive measures imposed by Washington earlier this month.

China and India have stopped trading in Russian oil as US sanctions have caused a sharp rise in tariffs for tanker freight. Source: Reuters Details: According to traders and shipping companies, the trade in Russian oil that was loaded in March has stopped in Asia as a large price gap between buyers and sellers has emerged in China.

As reported by Reuters, these sanctions have already had tangible effects. The main recipients of Russian oil, China and India, have suspended purchases from Russia because the de