Insider: Indian refiners need a settlement period for the cessation of Russian oil supply.

Two industry sources in the refining sector said that Indian oil refiners need a clearing period to complete their oil transactions with Russia before they can stop importing oil from the country, and the Indian government has not yet ordered a halt to oil imports. US President Trump announced on Monday that he had reached a trade deal with Indian Prime Minister Modi, which includes stopping India from buying oil from Russia. Sources said Indian companies have already booked shipments for February and March arrivals, so they need a clearing period to fulfill existing commitments.