Indian Oil Corp (IOC), the country's top refiner by capacity, is seeking to buy high-sulphur oil through spot tenders, its first sour crude import tenders since March 2022, trade sources said on Thursday.

Following Russia's invasion of Ukraine in 2022, India became a major buyer of Russian crude oil that was widely sanctioned by the West. That may be about to change.

The US announced the most sweeping and aggressive sanctions yet on Russia’s oil trade, just ten days before Biden will be replaced by Donald Trump as President.

Indian Oil Corp (IOC) is seeking high-sulphur oil from the spot market in its first sour crude import tender since March 2022, expecting the latest U.S. sanctions to hit supplies from Moscow, trade sources said on Thursday.

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

External affairs ministry spokesperson Randhir Jaiswal indicated that India had no plans to reduce oil purchases from Russia following the US sanctions

It is India's first tender for sour crude imports since March 2022. IOC and other Indian refiners have significantly increased purchases of Russian oil over the past two years, taking advantage of discounted prices after the West imposed sanctions on Moscow over its full-scale invasion of Ukraine in 2022.