US sanction on Russian oil cos: India import bill to rise

Rosneft and Lukoil account for 60% of Russian oil supplies to India

- RAKESH KUMAR @ New Delhi

THE fresh sanctions announced by the US on Russia's two largest oil companies, Rosneft and Lukoil, are likely to raise India's crude oil import bill by 2%, as per industry experts.

Analysts say the two companies are among the world's major crude exporters, together supplying 4-5 million barrels a day globally. For India-whose dependence on cheaper Russian crude has risen significantly over the past three years―these two firms account for about 60% of Russian oil supplies.