India's largest oil conglomerate, Indian Oil Corp (IOC), is resuming purchases of Russian oil. The company has purchased five batches of oil for December delivery from suppliers not subject to sanctions, Reuters reported, citing trade sources.
The purchases total 3.5 million barrels of Russian ESPO crude. The agency stated that this means the company is resuming purchases despite pressure from the United States on India to halt oil imports from Russia.
IOC Chief Financial Officer Anuj Jain had previously stated that the company would continue to purchase Russian oil as long as the shipments did not violate international sanctions, Reuters reported.
