Fresh sanctions by the US on Russian oil majors Rosneft and Lukoil have forced Indian refiners like Reliance Industries (RIL) to “recalibrate” import strategies, with others confirming that they too are “evaluating” supplies from Moscow.

The US Office of Foreign Assets Control (OFAC) on Wednesday imposed sanctions on the two Russian oil companies. The sanctions are to kick in from November 21. Besides, foreign financial institutions that engage with these sanctioned entities also face secondary sanctions.

In India, these sanctions are expected to trigger panic buying among refiners to stock Russian crude oil before the November 21 deadline.

Sources said that sanctions majorly impact RIL, which has a long-term contract with Rosneft. A senior refinery official said: “Sanctions change the

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