Industry officials maintain that enough oil supply is available in the global market and replacing the lost Russian oil volumes should not be difficult.

Crude oil purchases by Indian Oil Corp. may shift as the new US sanctions on Russia affect supplies from Moscow, pushing the South Asian country’s biggest refiner to seek alternatives.

Middlemen supplying Russian oil are not offering cargoes due to new U.S. sanctions targeting Russian producers, tankers and insurers, according to the finance chief at Indian refiner Bharat Petroleum.

Oil refiners in India are reaching for all available options in the rush to make up for Russian flows hit by Washington’s latest round of sanctions, turning to the spot market while simultaneously seeking more long-term supplies from Middle Eastern producers.

Indian banks has begun blocking payments for Russian oil imports following the latest round of U.S. sanctions against Russia's oil industry, according to a report from Energy Intelligence, an energy information company.