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Economy / The Economic Times

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Indian banks consider financing non-sanctioned Russian oil trade

Indian banks are now open to financing Russian oil trade from non-sanctioned sellers, a shift from previous hesitancy. This development follows new US curbs, prompting lenders to establish compliance mechanisms, including payments in UAE dirhams and Chinese yuan. Refiners are intensifying verification of oil origin and vessel history to navigate sanctions and maintain access to discounted Russian crude.

25 Nov 2025 2:07 pm