India's state-run refiner Bharat Petroleum Corp sees its Russian oil processing down to 20% in March from 31% this month as it awaits offers from traders, its head of finance Vetsa Ramakrishna Gupta told an analyst call on Thursday.

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 .

Directorate General of Shipping authorized Soglasie Insurance Co. to provide insurance for vessels entering Indian ports until February 2026

Chinese and Indian refiners are seeking alternative supplies of crude as new U.S. sanctions on Russian producers and tankers are set to be the most effective yet in curbing shipments to Moscow's biggest customers,

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 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,