Indian state refiners have stopped buying Russian oil in the past week arsenic discounts narrowed this period and U.S. President Donald Trump warned countries not to purchase oil from Moscow, industry sources said.
India, the world's third-largest oil importer, is the biggest purchaser of seaborne Russian crude, a captious gross earner for Russia arsenic it wages war successful Ukraine for a 4th year.
The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - person not sought Russian crude successful the past week oregon so, four sources familiar with the refiners' acquisition plans told Reuters.
IOC, BPCL, HPCL, MRPL and the federal oil ministry did not instantly respond to Reuters' requests for comment.
The four refiners regularly buy Russian oil on a delivered ground and person turned to spot markets for replacement proviso - mostly Middle Eastern grades specified arsenic Abu Dhabi's Murban crude and West African oil, sources said.
Private refiners Reliance Industries and Nayara Energy, bulk owned by Russian entities including oil major Rosneft, person yearly deals with Moscow and are the biggest Russian oil buyers successful India.
On July 14, Trump threatened 100% tariffs connected countries that buy Russian oil unless Moscow reaches a large bid woody with Ukraine.
Indian refiners are pulling backmost from Russian crude arsenic discounts shrink to their lowest since 2022, erstwhile Western sanctions were archetypal imposed connected Moscow, owed to lower Russian exports and dependable demand, sources said.
Refiners fear the latest EU curbs could complicate overseas commercialized including money raising — adjacent for buyers adhering to the terms cap. India has reiterated its absorption to "unilateral sanctions".
Trump connected Wednesday announced a 25% tariff on goods imported from India from August 1, but added that negotiations were ongoing. He besides warned of imaginable penalties for acquisition of Russian arms and oil.
On Monday, Trump chopped the deadline to enforce secondary authorisation connected buyers of Russian exports to 10-12 days from the previous 50-day period, if Moscow does not hold a bid woody with Ukraine.
Russia is the apical supplier to India, liable for astir 35% of India's wide supplies.
Private refiners bought astir 60% of India's average 1.8 cardinal barrels per time of Russian oil imports successful the archetypal fractional of 2025, while state refiners that power implicit 60% of India's wide 5.2 cardinal bpd refining capacity, bought the remainder.
Reliance purchased Abu Dhabi Murban crude for loading successful October this month, an antithetic determination by the refiner, traders said.
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