Indian refiners have stopped dealing with U.S.-sanctioned oil tankers and entities but the country does not expect disruption to Russian crude supplies during a two-month wind-down period, a government source said on Monday.

India will not allow tankers carrying Russian oil subject to American sanctions to enter its ports, Bloomberg reported. This represents a significant setback for Vladimir Putin's strategy. The Indian market became one of the key ones for Russia after the EU decided to abandon Russian raw materials following the invasion of Ukraine.

Indian refiners have reportedly stopped dealing with tankers and entities that have been sanctioned by the US. However, the country does not expect any disruption to Russian oil imports during a two-month wind-down period,

India, the world's third-largest oil importer and consumer, does not expect any disruption to Russian oil supply in the next two months as U.S.-sanctioned tankers are allowed to discharge crude until March,

New U.S. sanctions on Russian oil producers and ships will disrupt Russian oil supply to China and India, driving up prices and freight costs. As a result, refiners in these countries will seek alternatives from the Middle East,