Indian refiners come to the rescue of Russia’s oil exporters

•Indian refiners are buying record amounts of Russian crude, with over 2.3 million barrels a day offloaded at Indian ports last month.

•Deliveries in July are close to the same level, helping to keep a lid on Russian oil cargoes mounting up at sea.

•US sanctions on Russian oil exports are still in place, but Indian buyers are using middlemen to bypass the restrictions.

•Russian oil exports have surged due to the loss of supplies from the Persian Gulf and tumbling prices for Russian crude. .