India's Reliance, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot after recent US sanctions
Russian oil is on pace to account for 21 per cent of all imports into India, shrinking the shares of Iraqi and US crude
Many analysts and traders see the latest Covid-19 flare-ups as a short-term hit to oil demand
Modi administration has been encouraging more crude imports by waiving some shipping requirements