India's state-run refiner Bharat Petroleum Corp sees its Russian oil processing down to 20% in March from 31% this month as it awaits offers from traders, its head of finance Vetsa Ramakrishna Gupta told an analyst call on Thursday.

Crude oil purchases by Indian Oil Corp. may shift as the new US sanctions on Russia affect supplies from Moscow, pushing the South Asian country’s biggest refiner to seek alternatives.

Middlemen supplying Russian oil are not offering cargoes due to new U.S. sanctions targeting Russian producers, tankers and insurers, according to the finance chief at Indian refiner Bharat Petroleum.

Industry officials maintain that enough oil supply is available in the global market and replacing the lost Russian oil volumes should not be difficult.

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia’s oil industry.

The recent implementation of new US sanctions targeting Russian oil producers, tankers, and insurers has created a disruption in the supply chain. Middlemen who were previously involved in supplying Russian oil to Indian refiners,