Oil prices jumped to a three-month high on Friday, with traders digesting new, sweeping sanctions against Russia as the Biden Administration tries to cut off Moscow from crude revenue amid the ongoing war in Ukraine.

External affairs ministry spokesperson Randhir Jaiswal indicated that India had no plans to reduce oil purchases from Russia following the US sanctions

It is India's first tender for sour crude imports since March 2022. IOC and other Indian refiners have significantly increased purchases of Russian oil over the past two years, taking advantage of discounted prices after the West imposed sanctions on Moscow over its full-scale invasion of Ukraine in 2022.