Flows of Russian oil to major Indian refiners — a boon for both countries’ economies over the past three years — are expected to fall to near zero after the US imposed sanctions on crude giants Rosneft PJSC and Lukoil PJSC.
Senior executives at the processors said the latest restrictions announced by Washington overnight, blacklisting Russia’s largest producers, would make it all but impossible for flows to continue. They asked not to be named due to the sensitivity of the issue.