India has allowed Russian insurer Soglasie Insurance Company to provide marine cover to tankers entering Indian ports, according to Indian ship regulator's website, as New Delhi wants steady supply of cheaper Russian oil despite latest U.

Following Russia's invasion of Ukraine in 2022, India became a major buyer of Russian crude oil that was widely sanctioned by the West. That may be about to change.

Crude oil purchases by Indian Oil Corp. may shift as the new US sanctions on Russia affect supplies from Moscow, pushing the South Asian country’s biggest refiner to seek alternatives.

Middlemen supplying Russian oil are not offering cargoes due to new U.S. sanctions targeting Russian producers, tankers and insurers, according to the finance chief at Indian refiner Bharat Petroleum .

Directorate General of Shipping authorized Soglasie Insurance Co. to provide insurance for vessels entering Indian ports until February 2026

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia’s oil industry.

The recent implementation of new US sanctions targeting Russian oil producers, tankers, and insurers has created a disruption in the supply chain. Middlemen who were previously involved in supplying Russian oil to Indian refiners,