India "eats pressure", suspends oil purchase from Russia

State-owned oil refineries in India have pulled back from buying Russian crude oil after the US imposed heavy sanctions on New Delhi.

Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. plan not to buy crude oil in the next procurement cycle, Bloomberg reported.

Companies are waiting for clear government guidance after Donald Trump imposed tariffs as punishment for buying Russian oil.

A decline in purchases from Russia could cause an increase in demand for oil from other countries, including the Middle East and Africa, plus the US.

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