Indian refiners review Russian oil deals after new US sanctions
Indian state-run refiners are reviewing their Russian oil contracts to ensure upcoming supplies do not originate directly from Rosneft or Lukoil, after the United States imposed sanctions on the two energy giants this week, a source with direct knowledge told reporters on Thursday, News.Az reports, citing Reuters.
The move follows U.S. President Donald Trump’s decision on Wednesday to introduce the first Ukraine-related sanctions of his second term, targeting Russia’s top oil producers amid growing frustration with President Vladimir Putin over the ongoing war in Ukraine.
According to the U.S. Treasury Department, companies have until November 21 to wind down transactions involving Rosneft and Lukoil.
India’s state refiners — including Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals — are currently reviewing bills of lading for Russian crude arriving after that date to confirm the shipments are not linked directly to the sanctioned firms, the source said.
The companies have not yet commented publicly on the review.
Trade sources noted that Indian refiners rarely buy Russian crude directly from Rosneft or Lukoil, as most purchases are made through intermediaries.
Since Western sanctions took effect following Russia’s 2022 invasion of Ukraine, India has become the largest importer of discounted Russian seaborne crude. Between January and September, India imported an average of 1.7 million barrels per day, with private refiners Reliance Industries and Nayara Energy accounting for the majority of those volumes.
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