US sanctions on Russian oil supply chain pose challenge for Indian refiners

India's slowing economy is most exposed to the latest bans because refiners must pay much more to purchase alternative crudes from West Asia in the short term

The latest round of sanctions by the outgoing Biden administration in the United States may be among the most disruptive for buyers of Russian crude oil — India and China — since Washington started tightening strictures on Russian oil flows in December 2022.

 

On Friday night India time, the US announced measures to sanction 183 vessels, or nearly every third tanker carrying Russian oil, two Russian insurers, which offer coverage to most of India’s Russian oil purchases, two leading Russian oil and gas producers, and a bunch of traders, which contribute to a third of Russian flows to India, according