Indian state-owned oil company stops buying Russian oil

According to a report by Reuters on the 30th, the Indian state-owned oil refining company Indian Oil Corporation announced on the 29th that it has suspended the purchase of Russian crude oil. Not long ago, the Financial Times reported that Indian Oil Corporation had purchased nearly $280 million worth of Russian crude oil, which was transported by ships under US sanctions. Agence France-Presse reported that since the US decided in August to increase tariffs on Indian goods to 50%, US-India relations have rapidly deteriorated, with US officials accusing India of buying discounted Russian crude oil to help Russia's military actions. Reuters reported that last week, the US and Europe implemented a series of new sanctions on Russian oil exports. The US targeted Russia's largest oil producers, Lukoil and Rosneft. Therefore, Indian oil refiners have decided to suspend the purchase of Russian crude oil and wait for the situation to clear up.