India set to slash Russian oil imports following US sanctions
Indian refiners are set to sharply reduce imports of Russian oil following new U.S. sanctions targeting Russia’s two largest producers, Rosneft and Lukoil, according to industry sources, News.Az reports, citing Reuters.
India has emerged as the largest buyer of discounted Russian crude since Russia’s invasion of Ukraine in 2022, importing about 1.7 million barrels per day in the first nine months of this year. The imports have also been a key irritant in trade talks with U.S. President Donald Trump, who imposed tariffs on Indian goods partly in response to these purchases.
Privately-owned Reliance Industries, India’s top Russian crude buyer, plans to cut or halt imports from Russia, according to industry sources. A Reliance spokesperson confirmed that the company’s crude imports will be aligned with government guidelines.
Indian state refiners, including Indian Oil Corp, Bharat Petroleum, Hindustan Petroleum, and Mangalore Refinery and Petrochemicals, are reviewing bills of lading for Russian crude arriving after November 21 to ensure none comes directly from Rosneft or Lukoil, a source with direct knowledge said.
The U.S. Treasury gave companies until November 21 to wind down transactions with the sanctioned Russian oil producers, marking the first Ukraine-related sanctions in Trump’s second term.
The move is expected to significantly curb India’s Russian crude imports, reshaping trade flows and affecting key buyers like Reliance and other refiners across the country.
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