Reuters: Indian companies are reviewing oil contracts with Russia due to the US.
India's state-owned oil refining companies have started to review contracts for oil supplies from Russia to ensure there are no direct purchases from producers affected by the new US sanctions. This was reported by Reuters, citing a source familiar with the information.
A representative of Reliance Industries confirmed the review of Russian crude imports, noting that the company intends to follow the recommendations of the Indian government.
Also among the companies reviewing their contracts are Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals. However, sources in trading circles clarified that purchases are generally made through intermediaries, so the sanctions may not lead to an immediate halt in supplies.
However, unnamed senior executives at Indian refineries told Bloomberg that the US Treasury's decision makes the continuation of Russian oil supplies impossible.
