India has allowed Russian insurer Soglasie Insurance Company to provide marine cover to tankers entering Indian ports, according to Indian ship regulator's website, as New Delhi wants steady supply of cheaper Russian oil despite latest U.

Since the Ukraine war, India has become the second largest buyer of Russian crude oil, owing to the hefty discount Russia offered to bypass sanctions. Prior to the war, India secured most of its oil from the Middle East, with Russia not even featuring among India’s top 20 partners.

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.

Middlemen supplying Russian oil are not offering cargoes due to new U.S. sanctions targeting Russian producers, tankers and insurers, according to the finance chief at Indian refiner Bharat Petroleum .

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.

The latest sanctions package would certainly have an impact on India’s oil imports, given Russia is currently the biggest crude oil source market for India. How it would really pan out would be contingent upon various variables.

The recent implementation of new US sanctions targeting Russian oil producers, tankers, and insurers has created a disruption in the supply chain. Middlemen who were previously involved in supplying Russian oil to Indian refiners,