Indian Oil Corp will not completely avoid Russian crude purchases, exec says

NEW DELHI: Indian Oil Corp the country’s top refiner, will not completely discontinue buying Russian crude, a top company executive said on Tuesday.

“We are absolutely not going to discontinue (buying Russian crude) as long as we are complying with the sanctions. Russian crude is not sanctioned. It is the entities and the shipping lines which have got sanctions,” Anuj Jain, director of finance, said in a post earnings analyst call.

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“If somebody comes to me with a non-sanctioned entity, and the cap is being complied with, and the shipping is okay, then I will continue to buy it,” he said.