Two Major Indian Refineries Stopped Buying Russian Crude Oil

Two of the largest Indian refineries have halted spot purchases of Russian oil after the European Union approved new sanctions in early October for Russia’s annexation of the occupied territories of Ukraine.

The two refineries are Indian Oil Corporation and Bharat Petroleum Corporation Limited (BPCL).

India is the world’s largest crude oil importer that has been importing large volumes of Russian oil after Russia invaded Ukraine.