India’s biggest state-held refiner, Indian Oil Corporation (IOC), has acquired five December-arriving cargoes of Russian crude from non-sanctioned entities, trade sources told Reuters as India scrambles to replace sanctioned Rosneft and Lukoil deliveries. The U.S. sanctions Russia’s top two producers sent Indian refiners rushing to replace volumes from these exporters and their affiliates with barrels from other countries, and apparently with Russian barrels moved by unsanctioned entities. IOC early this week vowed that…
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