If US sanctions are renewed, India, one of the world's largest importers, will be forced to do so look for alternative solutionsincluding more expensive deliveries on the spot market in other countries. According to sources, India's two largest state-owned companies – Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) – have already purchased crude oil from West Africa and the United States in forward spot transactions this week. BPCL is also considering the option of short-term contracts to purchase oil from Azerbaijan and Africa to reduce dependence on supplies from the Persian Gulf.
For the first time, the US lifted restrictions on the export of Russian oil held on tankers at sea in early March. The U.S. Treasury called the measure “narrowly targeted and short-term.” In April, Treasury Secretary Scott Bessent announced an extension of the relaxations until May 16noting that they cover petroleum products loaded on ships until April 17.
Earlier, it turned out that India rejected Moscow's proposal to supply Russian liquefied natural gas covered by US sanctions. This decision put a tanker with Russian LNG that was heading towards India in a precarious situation, Reuters reported.
