Indian Refiners Halt Russian Oil Imports Amid Dwindling Discounts and U.S. Warnings
Indian state refiners ceased buying Russian oil as discounts declined and U.S. President Donald Trump issued warnings against purchasing from Moscow. This comes amid ongoing geopolitical tensions and new EU curbs. Private refiners continue buying under annual deals, while state-owned ones shift to spot markets for alternatives.
In a significant shift, Indian state refiners have halted their purchases of Russian oil in response to diminishing discounts and geopolitical pressure from the United States. This strategy change aligns with the warnings issued by U.S. President Donald Trump, who criticized countries that continue to import Russian oil amidst the Ukraine conflict.
Reliable sources indicate that India's key state oil companies, including Indian Oil Corp., Hindustan Petroleum, Bharat Petroleum, and others, have turned away from Russian crude in favor of Middle Eastern and West African alternatives. Meanwhile, private refiners like Reliance Industries maintain their Russian oil imports under existing contracts.
The decision by state refiners reflects broader concerns about potential complications in overseas trade, stemming from new European Union measures and possible U.S. tariffs. As India prepares for Trump's tariff impositions on August 1, the tension between maintaining energy security and adhering to international sanctions looms large.
(With inputs from agencies.)
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