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India back to buying Russia's Sokol oil after 2-month break

India back to buying Russia's Sokol oil after 2-month break Photo: India has resumed importing one of the grades of oil from Russia (Getty Images)

India again started importing Russian Sokol oil. The supply was suspended for two months, reports Reuters.

According to the article, the Indian company Hindustan Petroleum Corp. (HPCL.NS) has bought Sokol oil from a trader. The country is most likely to pay for oil in UAE dirhams.

The vessel Seagull, carrying about 95,000 tons of Russian oil, discharged at the Indian port of Mumbai in the west of the country on February 13.

Also in February, the private Indian oil refining company Nayara Energy purchased Sokol oil.

Three more ships - NS Lion, NS Antarctic, and Raven - are due to arrive at the eastern Indian ports of Paradip and Visakhapatnam later this month.

What preceded

India's state-owned refiners were forced to halt purchases of the grade last year after the government advised them not to use Chinese yuan to buy Russian oil amid strained relations between New Delhi and Beijing.

Reuters notes that India did not receive Sokol oil in December and January.

At the beginning of February, Reuters wrote that the import of crude oil to India from Russia had fallen for the second month in a row to the lowest level in a year. The reason was Western sanctions.