Replacing Russian crude near impossible for Indian refiners as US sanctions bill threatens 100% tariff, say executives

Synopsis Indian refiners face challenges replacing Russian crude imports due to new US legislation. Many key suppliers are already cut off, complicating the market situation. Saudi and UAE supplies were disrupted, while global inventories are depleted. Finding replacement barrels and vessels presents a significant logistical hurdle. This situation could lead to sharp increases in global oil prices. Replacing Russian crude, which has accounted for 47% of India’s imports since the Iran war began, will be difficult for local refiners in the current market, with many key suppliers already cut off, industry executives said in the light of recent legislation passed…