India’s state-run refiners are considering whether they can continue to take some discounted Russian oil cargoes by leaning on small suppliers instead of energy giants Rosneft PJSC and Lukoil PJSC, both blacklisted by the US last week.

Since the latest round of US sanctions was announced, refiners including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. have stayed out of the market for Urals crude, Russia’s benchmark grade. They are instead waiting for government direction and weighing their options, according to senior refinery executives.

With other major producers Surgutneftegas PAO and Gazprom Neft blacklisted earlier, processors are trying to understand exactly how much can be bought from non-sanctioned entities in Russia and at what price, said the executiv

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