"US Sanctions Impact India's Oil Supply and Trade with Russia, Prompting Search for Alternatives"

The US has imposed sanctions on Russian company Sovcomflot for violating the G7’s price cap on Russian oil, which threatens India's oil supply from Russia. The sanctions make it difficult for Indian state refiners to secure annual supply deals with its largest seaborne crude oil supplier. Indian refiners are concerned about challenges in securing vessels for Russian oil, potentially leading to increased freight rates, and the recent sanctions could impact discounted oil purchases from traders and Russian companies. India's imports of Russian crude oil fell for a second consecutive month in January due to tightened US sanctions.