Recently, Bloomberg reported that five of India's largest oil refiners have made no purchases of Russian crude for December delivery, instead turning to Saudi Arabia, UAE and Iraq for crude with similar properties to Urals. The move comes after Washington sanctioned Rosneft and Lukoil while the EU adopted its 19th package of sanctions. Only Indian Oil Corporation (IOC) and Nayara Energy, in which Rosneft holds a 49% stake, have purchased crude from Russia for December. Meanwhile, the diplomatic sensitivity of the ongoing trade talks between the…