RoydadNaft –  Reportedly, India has to unload oil from Russian tankers under US sanctions by February 27 and complete all financial transactions with them by March 12. These deadlines were set by the Office of Foreign Assets Control (OFAC) of the US Treasury.

According to  Petroleum Minister Pankaj Jain, India will continue to buy Russian oil, but only at a price lower than the $60 per barrel ceiling set by the West, and if no companies or vessels under sanctions are involved in its sale and transportation.

On January 10, the United States imposed sanctions on the Russian oil sector. In particular, they targeted more than 180 tankers of the “shadow fleet,” Gazprom Neft, Surgutneftegaz, major insurers (Alfa Insurance and Ingosstrakh), and six top managers of oil and gas companies.

According to Rystad Energy, India could lose up to 500 thousand barrels of crude oil per day as a result. After the start of Russia’s full-scale invasion of Ukraine, India became the largest buyer of Russian oil, which was sold to it at a large discount.

At the end of last year, Moscow exported 1.7 million barrels per day to New Delhi, or almost half of all maritime supplies of this resource. Indian plants have reportedly already agreed to purchase raw materials from Oman and the UAE.

Talks have also begun with Saudi Arabia and they are testing the waters in West Africa, a source familiar with the situation told Platts.

India’s largest oil refining company, Indian Oil Corporation, has announced that OPEC countries, the United States, Guyana, and Brazil may become new suppliers.