Industry officials maintain that enough oil supply is available in the global market and replacing the lost Russian oil volumes should not be difficult.

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 .

Indian banks has begun blocking payments for Russian oil imports following the latest round of U.S. sanctions against Russia's oil industry, according to a report from Energy Intelligence, an energy information company.

The wide-ranging sanctions imposed by the U.S. on the Russian oil sector have started to dent near-term oil flows to India with state-owned Bharat Petroleum Corporation Ltd. (BPCL) saying not enough cargoes are available for March.

The United States will impose some of the harshest sanctions yet on Russia's oil industry, according to a purported U.S. Treasury document circulating among traders in Europe and Asia that drove global oil prices 3% higher on Friday.

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.

Russia’s Foreign Ministry said that the U.S. move “represents an attempt to inflict damage on the Russian economy at any cost, even at the risk of destabilising global markets.

Ukrainian President Volodymyr Zelenskyy has welcomed the upcoming package of US sanctions targeting Russia's oil refining industry, highlighting the impact on Surgutneftegas, referred to as the "wallet" of Kremlin leader Vladimir Putin.

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.