Industry officials maintain that enough oil supply is available in the global market and replacing the lost Russian oil volumes should not be difficult.

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.

Indian refiners Mangalore Refinery and Petrochemical Ltd (MRPL) and Bharat Petroleum Corp Ltd (BPCL) issued tenders this week seeking crude oil, trade sources said on Tuesday, after harsher U.S. sanctions disrupted Russian supply.

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.

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.

India has added another Russian insurer to its list of approved protection and indemnity providers after some of the biggest players were hit by US sanctions, according to the country’s shipping regulator.

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.