State-run Indian refiner Bharat Petroleum Corp is buying Middle Eastern crude to make up for less supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said in a recent interview.

Following Moscow’s 2022 invasion of Ukraine, the European Union banned purchases and placed sanctions on Moscow, making India a major customer of Russian seaborne oil. Over one-third of India’s energy imports come from Russian oil as the nation has tried to benefit from lower prices for the petroleum.

Indian refiner BPCL is shifting its crude oil sources from Russia to diversified sources amid supply disruptions. BPCL continually expands its oil sources and obtains approximately 53% of its supply via long-term agreements.

India became a top buyer of Russian seaborne oil after the European Union shunned purchases and imposed sanctions on Moscow following its invasion of Ukraine in 2022