India Splurges on Russian Oil as Sanctions Threat Fades

Indian refiners have splurged on Russian crude in the last two months and expect to continue buying at current lofty levels for the rest of the year, as the country navigates a Middle East supply crunch and the threat of US sanctions begins to fade.

Executives at leading refiners said they expected a US waiver allowing the purchase of Russian oil to be extended before it expires in the coming days. But purchases are unlikely to drop back even without that, given a dearth of supply options, they added. They asked not to be named as the issue is sensitive.