India could import even more Russian oil under new agreement as state-run refiners look to load up on discounted crude

• India is looking to import more Russian oil on top of already existing deals with the Kremlin.
• State-run refiners want to snag more Russian crude at steep discounts from Rosneft PJSC.

India's state-run oil refiners are in talks to increase imports of Russian crude, Bloomberg first reported.

The move aims to take advantage of cheap oil from the Kremlin in light of its invasion of Ukraine, which is pushing international buyers away from doing business with the heavily-sanctioned country. Russia became India's fourth-largest oil provider in April.

Refiners are looking at six-month contracts with Rosneft PJSC, Russia's top state-run producer, on a delivery basis with India handling insurance and shipping. India's state-run refiners include Indian Oil Corp., Hindustan Petroleum and Bharat Petroleum. Rosneft partially owns some of India's private refiners including Reliance Industries and Nayara Energy.

Sanctions from the US and UK have pummeled the Russian economy but have not been able to shut Russian oil out of the market, and India has been able to amass stockpiles at large discounts. The panic over global oil supplies and gas prices has pushed President Biden to plead with Saudi Arabia and other OPEC countries to increase output to make up for the Russian embargo.

But Russia still reported a 50% increase in revenues despite global condemnation, signalling the country is still finding ample buyers.