IndianOil announced it will adhere to international sanctions on Russian oil, impacting imports and refining strategies. This matters as it reflects India's response to geopolitical pressures and shifts in energy sourcing.

IndianOil Corporation (IOC) has declared its intention to comply with all applicable international sanctions regarding Russian oil imports, a move that follows the imposition of new US sanctions aimed at limiting Moscow's oil revenue amid the ongoing conflict in Ukraine. The company's chairman, Arvinder Singh Sahney, emphasized the importance of adhering to these sanctions, although he refrained from discussing specific purchases from Russia. Historically, Russian oil accounted for a significant share of IOC's imports, but recent sanctions have prompted Indian refiners to diversify their crude sources, reducing reliance on Russian oil. Companies like Reliance Industries and Nayara Energy are also adapting their strategies in response to these geopolitical developments. As Indian refiners adjust their import strategies, the impact on refining margins and overall oil supply dynamics in India will be closely monitored.