Russian oil trade: Discounts soften impact of losing sanctioned barrels; Indian refiners ramp up non-sanctioned crude

US sanctions on Rosneft and Lukoil are impacting Indian refiners less than anticipated, as wider discounts on Russian crude offset expected volume drops. Refiners are sourcing from non-sanctioned suppliers, with increased discounts nearly compensating for reduced Russian cargo intake. This shift, coupled with a well-supplied global market, keeps procurement costs stable.