"Today, nobody is bothering who is buying what from where. We are quite happy to source from as far as we can," a leading Indian oil ministry source said.

Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.

Non-sanctioning countries including India and China have significantly increased imports of Russian oil since the invasion began Feb. 24, taking advantage of major price discounts.

Investment in electricity generation in India has rebounded from its slump during the COVID-19 pandemic, with 15.5 gigawatts (GW) of renewable energy capacity – representing an investment of a record US$14.4 billion – added in the past financial year.

The purchase would be yet another shot in the arm for Adani, who has been seeking global investors and has committed to spend as much as $70 billion by 2030 across the green-energy value chain.

India does not currently possess offshore wind capacities but plans to reach a 30 GW capacity by 2030.

The Assam state, located in northeastern India, recently commissioned a 70 MW solar power project, and 100 MW are currently under construction.

India, one of the world’s biggest fossil fuel importers, is also seeking to cut its reliance on oil given its import bill is expected to almost double to $300 billion in the coming decade

Asia is expected to account for about 40% of global incremental crude runs in 2022, with the US and Europe accounting for about 30% and 18%, respectively.

India imported 54% of its oil needs and 56% of its gas needs in 2020. After coal (44%), oil represented 24% of the country’s total consumption in 2020, against 6% for natural gas. As of 2021, India's oil reserves are estimated at 4,530 mbl and its gas reserves at 1,372 bcm.