Indian refiners are stepping back from Russian oil purchases for April deliveries, a move that comes as New Delhi and Washington edge closer to a trade agreement aimed at lowering tariffs and deepening economic cooperation.
Indian Oil Giants Stop Russian Crude Deals
Major refiners, including Indian Oil Corp., Bharat Petroleum Corp., and Reliance Industries Ltd., have reportedly declined new offers for Russian crude for March and April, according to industry and trading sources, reported by Reuters.
Most Indian refiners have stopped buying Russian crude, though some March deliveries were already scheduled, one source said.
India’s Russian Oil Imports Drop Sharply
India became the top buyer of discounted Russian seaborne crude following Russia’s invasion of Ukraine in 2022.
Imports have fallen from a peak of over 2 million barrels per day (bpd) in mid-2025 to roughly 1 million bpd in recent months, with expectations to decline further to 500,000–600,000 bpd by March 2026.
President Donald Trump lifted a 25% tariff on Indian goods that had been imposed over Russian oil purchases, stating that India had “committed to stop directly or indirectly” importing Russian crude.
India has not officially announced a full halt to Russian oil, and a foreign ministry spokesperson emphasized that “diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy.”
Reliance Cuts Russian Oil Imports Amid US Sanctions
Last year, Reliance Industries, led by Mukesh Ambani, stopped importing Russian crude into its Jamnagar export refinery, switching all exports to non-Russian sources by December 1.
The move coincided with U.S. sanctions on Rosneft and Lukoil, reflecting political pressure.
The company honored pre-committed Russian shipments but redirected future barrels to the domestic market to comply with upcoming EU restrictions.
As India’s largest Russian oil importer, Reliance accounted for half of the country’s imports, with Europe receiving 28% of its exports.
Following the sanctions, Indian refiners planned to cut Russian oil imports, with Reliance confirming it recalibrated shipments in line with government guidelines.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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