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India’s Oil Buyers Make a Push for Russia Crude Before Sanctions

  • Refiners take advantage of grace period under US-led price cap
  • European Union penalties scheduled to take effect on Dec. 5
Storage tanks outside the Deendayal Port Authority in Kandla, India.

Storage tanks outside the Deendayal Port Authority in Kandla, India.

Photographer: Prashanth Vishwanathan/Bloomberg

India’s oil refiners are looking to pick up a bit more Russian crude in last-minute purchases just weeks before new sanctions take effect.

At least four companies are seeking Russian cargoes that can load by Dec. 5 and discharge before Jan. 19, according to people familiar with the matter. That timeframe fits with a grace period being granted on oil purchases under a US-led measure to cap the price of Moscow’s sales.