Indian Oil faces decline in Russian oil imports in 2024/25

Indian Oil Corp, the country's top refiner, is facing a potential drop in its Russian oil imports this fiscal year ending March 31, following the latest U.S. sanctions on Moscow, according to its head of finance, Anuj Jain, on Tuesday. Indian refiners are struggling to secure Russian oil supplies following the latest U.S. sanctions aimed at Russian producers, insurers and tankers to reduce Moscow's oil revenue. Supply of Russian oil was low so far this month, while Indian Oil is also expecting shortages of Russian cargoes in March, Jain said during an analyst call following the company's December-quarter earnings.