- Refiners have not been looking for Russian crude for about a week: sources.
- India bought more Russian oil after the invasion of Ukraine Russia.
- President Trump warned countries not to buy Russian oil.
Indian state refiners stopped buying Russian oil last week when the discounts have shrunk this month and US President Donald Trump warned countries not to buy oil in Moscow, industry sources said.
India, the third largest oil importer in the world, is the largest maritime Russian crude buyer, a vital income gain for Russia, because it warns in Ukraine for a fourth year.
The Country’s State Refiners – Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd – Have not Sought Russian Crude in the past week or so, Four Sources Familiar with the refiners’ Purchase plans told Reuters.
IOC, BPCL, HPCL, MRPL and the Federal Department of Petroleum did not immediately respond to Reuters’ Comments.
The four refiners regularly buy Russian oil on a delivered basis and have turned to cash markets for replacement supply-mainly classes in the Middle East such as Brut Murban d’Abu Dhabi and West African oil, sources said.
Private refiners Reliance Industries and Nayara Energy, the majority owned by Russian entities, including the Major du Petrole Rosneft, have annual agreements with Moscow and are the largest Russian oil buyers in India.
On July 14, Trump threatened 100% prices on countries that buy Russian oil unless Moscow reaches a major peace agreement with Ukraine.
Indian refiners retreat from Russian crude while discounts have decreased to their lowest since 2022, when Western sanctions were imposed for the first time in Moscow, due to lower Russian exports and regular demand, sources said.
Refiners fear that the last EU borders will complicate trade abroad, including fundraising – even for buyers adhering to the price ceiling. India has reiterated its opposition to “unilateral sanctions”.
Trump on Wednesday announced on Wednesday a price of 25% on goods imported from India from August 1, but added that negotiations were underway. He also warned of potential sanctions for the purchase of Russian weapons and oil.
Monday, Trump reduced the deadline to impose a secondary sanction on Russian export buyers at 10-12 days from the previous period of 50 days, if Moscow does not accept a peace agreement with Ukraine.
Russia is the best supplier in India, responsible for around 35% of the overall supplies in India.
Private refiners bought almost 60% of 1.8 million barrels on average from India per day of Russian oil imports in the first half of 2025, while state refiners who control more than 60% of the overall refining capacity of 5.2 million B / d India, bought the rest.
Reliance bought the crude Abu Dhabi Murban for the loading in October this month, an unusual decision of the refiner, said the merchants.
