Biggest Indian Oil Company Finalises Deal To Import 3-Million Barrels Of Crude Oil From Russia

The Indian Oil Corporation has contracted a deal with a Russian Oil company to import 3-million barrels of crude oil, according to NDTV sources.

The Indian Oil Corporation Limited (IOCL) has contracted a deal with a Russian Oil company to import 3-million barrels of crude oil, according to NDTV sources. 

It is a company-to-company deal, said the sources. 

The import deal with the Russian Oil company is on the best terms and conditions currently available to India in the international market.

While Western countries have imposed sanctions, including the US' oil import embargo, on Russia in response to Moscow's attack on Ukraine, there are no restrictions on Indian oil companies for buying crude oil from Russian oil companies.