According to Reuters, IOC has purchased five batches of Russian ESPO oil for delivery in December from suppliers not subject to US sanctions imposed in October against the Russian oil sector, DW reports.
India's largest oil company Indian Oil Corp (IOC) is resuming purchases of Russian oil. The company has acquired five batches of oil for delivery in December from suppliers not subject to sanctions, Reuters reported on Friday, October 31, citing sources in the trading sector.
In total, this involves the purchase of 3.5 million barrels of Russian ESPO crude oil. As the agency notes, this means that the company is resuming purchases despite increasing pressure from the United States on India to stop importing oil from Russia. IOC's Chief Financial Officer Anuj Jain previously stated that the company would continue to purchase Russian oil as long as the supplies do not violate international sanctions, Reuters reminds.
US Sanctions Against Lukoil and Rosneft
The United States imposed new sanctions against Russia on October 22, explaining the move by the "lack of serious interest from Russia in the peace process" to end the war in Ukraine unleashed by Moscow. Two of Russia's largest oil companies, Rosneft and Lukoil, as well as their subsidiaries located in Russia, were added to the blacklist. Violations are subject to "civil or criminal sanctions against US citizens and foreign nationals."
After this, it was reported that China and India were preparing to sharply reduce imports of Russian oil. In particular, it became known about two oil tankers traveling from Russia to India that interrupted their course after the US announced sanctions. The first turned around in the Baltic Sea, while the second has been drifting off the western coast of India for several days.
