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India Faces Energy Shock as Trump Targets Russian Oil Giants
India plans to reduce imports of discounted Russian crude averaging 1.7 million barrels per day before the Nov. 21 U.S. sanctions deadline targeting Rosneft and Lukoil.
- Last week, President Donald Trump said Indian Prime Minister Narendra Modi agreed to stop buying Russian oil, and Reuters reported India's refiners are preparing to sharply cut purchases.
- The U.S. Treasury on Wednesday gave global buyers until Nov. 21 to wind down dealings with Rosneft and Lukoil, while Washington linked Indian Russian oil purchases to trade talks and 50% tariffs.
- A Reliance spokesman told Reuters that `We are currently recalibrating our Russian oil imports and will fully comply with Government of India guidelines,` and Reliance Industries Ltd. plans to reduce shipments from Rosneft tied to nearly 500,000 barrels per day.
- The move marks the first significant pullback by India and could disrupt supply chains, while some barrels will still enter markets before the Nov. 21 deadline.
- Washington has made Russian oil purchases a sticking point in U.S.-India trade talks, and President Donald Trump accused India of reselling Russian oil for `big profits`.
25 Articles
25 Articles
Trump is targeting Russia's economy with sanctions. The impact is now also felt by India. Premier Modi must rethink. First oil companies act.
India Set to Slash Russian Oil Imports After U.S. Sanctions
India, once the largest buyer of discounted Russian crude following Moscow’s 2022 invasion of Ukraine, is preparing to drastically cut its oil imports from Russia after new U.S. sanctions targeted key Russian energy producers, Rosneft and Lukoil. The sanctions, announced by President Donald Trump this week, mark Washington’s first major Ukraine-related measures of his second […] The post India Set to Slash Russian Oil Imports After U.S. Sanction…
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Asia FinancialUS Sanctions ‘Force Indian Refiners to Slash Russian Oil Imports’
Indian refiners look set to comply with new sanctions imposed by the US on two of Russia’s top oil producers. Industry sources told Reuters on Thursday that Reliance and state refiners are poised to sharply curtail imports of Russian oil. Such moves could potentially remove one of the biggest…
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