US Sanctions Set To Hit India's Russian Crude Imports, Steep Short-Term Drop Expected

Contributing sentiments towards policy:

41% : The only exception is Rosneft-backed Nayara Energy, which is majorly dependent on Russian crude after supplies from the rest of the world were effectively cut off, following European Union sanctions on it.
41% : While Russian barrels will not disappear from India's slate, flows are expected to decline sharply in the near term and grow more opaque as Moscow and Indian buyers adjust to tightening restrictions, analysts said. Reliance Shifts Strategy Ahead of EU Rules Reliance Industries - the world's biggest buyer of seaborne Russian crude - confirmed it stopped importing Russian oil into its 7,04,000 bpd export-oriented SEZ refinery on November 20 to ensure compliance with upcoming EU rules banning fuels derived from Russian crude.

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