India expects uninterrupted Russian oil supply for another two months

India does not expect any disruption to Russian oil supply in the next two months as US-sanctioned tankers are allowed to discharge crude until March. The US. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz, as well as 183 vessels that have shipped Russian oil, targeting revenue Moscow has used to fund its war with Ukraine. India will allow Russian oil cargoes booked before January 10 to discharge at ports.

Russia could offer deeper discounts for crude exports to India to meet the $60-a-barrel price cap to continue exports. The cap was imposed by the Group of Seven countries in 2022 to curb Russian oil revenue used to fund the Ukraine war. Global Brent crude futures extended gains to climb above $81 a barrel on Monday, their highest since August, on expected disruption of Russian oil supply to China and India.