State-run refinery Indian Oil Corporation will not stop buying Russian oil as long as it complies with the latest US sanctions. Other Indian refineries may well follow the same plan, considering the fact that the recent sanctions target specific Russian firms Rosneft and Lukoil, not the oil itself.

Speaking at an IOC post-earnings analyst call today, IOC Director (Finance) Anuj Jain explained the position, saying the company would “absolutely not” stop buying Russian crude. “We are absolutely not going to discontinue (buying Russian crude) as long as we are complying with sanctions. Russian crude is not sanctioned. It is the entities and the shipping lines that face sanctions,” he said.

“If somebody comes to me with a non-sanctioned entity, the (price) cap is being complied with and the

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