New Delhi: Indian refiners are likely to ramp up crude oil purchases from the Middle East, Latin America and the US to compensate for reduced imports from Russia, following Washington’s sanctions on two major Russian producers, sources and analysts said.

The US government, on October 22, imposed sanctions on Russia’s two largest crude oil producers, Rosneft and Lukoil, barring all American entities and individuals from conducting business with them. Non-US firms could also face penalties if found dealing with the sanctioned companies or their subsidiaries. The US Treasury Department said all existing transactions involving Rosneft and Lukoil must be wound down by November 21.

Russia currently supplies nearly a third of India’s crude imports, averaging around 1.7 million barrels per day

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