A report by the State Bank of India (SBI) said India could consider buying oil from Iraq, its top supplier before the Ukraine war, followed by Saudi Arabia and the United Arab Emirates (UAE) if Russia

India's crude oil import bill could increase by USD 9 billion this financial year and USD 12 billion in the next, if the country stops buying Russian crude oil amid Washington's latest action against New Delhi over the purchases.

India, which gets more than a third of its oil imports from Russia, is likely to turn to supplies from the Middle East and Africa and other regions if it is forced to cut Russian imports due to possible U.