Indian state refineries review contracts for Russian oil supplies

Indian state-owned oil refineries have begun reviewing contracts for supplies of Russian crude following new U.S. sanctions on Rosneft and LUKOIL, Reuters reported on 23 October, citing sources.
According to agency interlocutors, state refiners Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Mangalore Refinery & Petrochemicals Ltd are reviewing contracts to ensure there are no direct supplies from Russia. The sources noted that Indian refineries “rarely buy Russian oil directly from Rosneft and LUKOIL, it is typically done via intermediaries.”
The U.S. Treasury Department stated that new sanctions will cover, among others, 28 subsidiaries of LUKOIL and 6 of Rosneft. The department granted counterparties permission to wind down financial transactions with the Russian firms by 21 November. Meanwhile, the EU, in step with the U.S., approved measures that block banks and oil-tankers from engaging with Russian oil transportation.