India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

Following Russia's invasion of Ukraine in 2022, India became a major buyer of Russian crude oil that was widely sanctioned by the West. That may be about to change.

India’s state refiners are rushing to speed up payments for Russian crude, hoping to complete their trades before a dramatic expansion of Washington’s curbs on Moscow’s oil industry effectively comes into force next month,