India, Oct. 17 -- The US decision to waive up to 100% penal tariff on India for purchasing Russian oil is a "temporary" relief, as refiners significantly replaced Russian energy with costlier alternatives, registering over a 46.4% annualised jump in its crude import bill at $90.6 billion in April-September 2027-28, people in the know said, citing the latest import data.

Refiners began de-risking themselves in advance, even as President Donald Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act (Graham Act) on September 18, company executives and industry experts said, speaking on condition of anonymity.

Although refiners were aware that prevailing geopolitical conditions and forthcoming elections in America would make it ...