The Economic Times

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

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.