Indian Oil Corporation and Bharat Petroleum Corporation Limited have suspended purchases of Russian crude oil. The two large refiners are awaiting more clarity on the EU sanctions regime. India, the world’s third-largest crude oil importer, has been importing large volumes of Russian oil after the Russian invasion of Ukraine. Two of the biggest refiners in India have stopped looking for spot Russian crude oil supply set to arrive after December 5, the day on which the EU embargo on Russian oil shipments enters into force, sources familiar with the Indian firms’ procurement plans told Bloomberg on Tuesday. The two refiners are Indian Oil Corporation and Bharat Petroleum Corporation Limited (BPCL), according to the sources. India, the world’s third-largest crude oil importer, has been importing large volumes of Russian oil after the Russian invasion of Ukraine due to the cheap supply with hefty discounts on the Russian grades compared to […]