Indian Oil Corporation (IOC) and other Indian oil firms do not intend to completely stop purchasing Russian oil while complying with the US sanctions.

Indian firms are considering buying Russian oil through some loopholes by dealing with other non-sanctioned entities, if not Rosneft, the oil giant controlling nearly half of Russian oil production which was sanctioned.

IOC Director (Finance) Anuj Jain said, "If somebody comes to me with a non-sanctioned entity, and the (price) cap is being complied with, and the shipping is okay, then I will continue to buy it."

"We are absolutely not going to discontinue (buying Russian crude) as long as we are complying with the sanctions. Russian crude is not sanctioned. It is the entities and the shipping lines which have got sanctions," Jain empha

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