India could import even more Russian oil under new agreement as state-run refiners look to load up on discounted crude

India's state-run oil refinery is in talks to import more Russian crude, according to a report.

The aim of the move is to take advantage of cheap oil from the Kremlin in the wake of the invasion of Ukraine. Russia became India's fourth largest oil supplier.

India handles insurance and shipping for six-month contracts with the top state-run producer in Russia. India's state-run refiner include Indian Oil Corp. Some of India's private refining companies are partially owned by Russia's Rosneft.

Sanctions from the US and UK have hurt the Russian economy but they have not been able to stop Russian oil from entering the market. The panic over global oil supplies and gas prices has pushed President Biden to plead with Saudi Arabia and other OPEC countries to increase output.

Despite global condemnation, Russia reported a 50% increase in revenue.