Bloomberg learned of a change in Indian banks' stance on paying for oil from Russia.

Indian banks are willing to consider financing Russian oil trades if the volumes come from non-blacklisted suppliers and the deals comply with sanctions laws, sources familiar with the matter told Bloomberg.

According to them, several weeks ago, after the announcement of US sanctions , creditors were wary of making cashless payments for any Russian cargo, citing difficulties in verifying the supply chain.

However, now that sanctions have come into effect, Indian banks have developed a "compliance mechanism" to handle requests from oil refineries for payment for Russian oil, the agency's sources said. These measures include processing transactions in Chinese yuan and UAE dirhams.

In addition, Bloomberg sources clarified that Indian lenders and oil companies are stepping up checks on the origin of oil and vessels used for transit.

On October 21, the United States announced sanctions against Rosneft, LUKOIL, and their subsidiaries. The US Treasury Department issued a license to curtail operations with them until November 21.

Even before these sanctions were imposed, India faced threats from Washington to double tariffs on Russian oil purchases. Negotiations proved unsuccessful, and the 50% tariffs came into effect at the end of August.

Amid new sanctions, India reduced its purchases of Russian oil. According to Kpler estimates, shipments from November 1 to 17 fell by 66% compared to the same period last month. This was attributed to New Delhi's concerns about sanctions.

In search of an alternative to Russian oil, state-owned Indian refineries Hindustan Petroleum Corporation Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) purchased 5 million barrels of crude oil from the US and the Middle East, wroteREUTERS .

Bloomberg reported yesterday that the RussianFollowing US sanctions, Urals crude oil is being offered to Indian refineries at its lowest price in several years: a $7 discount per barrel compared to Brent crude (delivered). Before the sanctions, this discount was approximately $3.

The Kremlin has repeatedly condemned Western sanctions , noting that the Russian economy has developed a certain immunity to them and continues to function. Russian President Vladimir Putin stated that India would suffer losses of $9–10 billion if it were to abandon Russian energy supplies.

ReadPIONERPRODUKT .by inTELEGRAM .