Indian Oil Corp. has asked its crude suppliers to stop offering Russian and Kazakh crudes to avoid any payment and insurance risks caused by international sanctions on Russia after its military invasion of Ukraine, company officials told S&P Global Platts. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “This has been communicated to the traders taking part in spot tenders,” said a company official who did not wish to be identified. “The basic reason behind this step is to avoid international sanctions and payment delays.” The country’s largest state-owned refiner informed traders that crudes like Russia’s Urals and ESPO, along with Kazakhstan’s CPC Blend, will no longer be accepted on a free-on-board basis, sources said. India, the world’s third-largest crude importer, imported less than 1% of its crude imports from Russia in 2021. Earlier this month before Russia invaded its neighbor Ukraine, IOC had contracted […]