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India poised to sharply cut Russian oil imports after sanctions, sources say
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www.reuters.com Oct 23, 2025Tildes

Summary

From the article :

India has emerged as the biggest buyer of discounted seaborne Russian crude in the aftermath of Moscow's 2022 full-scale invasion of Ukraine, importing about 1.7 million barrels per day in the first nine months of this year.

The U.S. sanctions target Lukoil (LKOH.MM), and Rosneft (ROSN.MM), Russia's two biggest oil producers.

Privately-owned Reliance Industries (RELI.NS), the top Indian buyer of Russian crude, plans to reduce or cease imports of Russian oil, including halting purchases under its large long-term deal with Rosneft, people familiar with the matter said.

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Indian state refiners including Indian Oil Corp (IOC.NS), Bharat Petroleum Corp (BPCL.NS), and Hindustan Petroleum Corp (HPCL.NS), are also reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the oil companies, a source with direct knowledge of the matter said on Thursday.

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The U.S. Treasury has given companies until November 21 to wind down their transactions with the Russian oil producers, according to a release on the sanctions on Wednesday.

"It all depends on banks," another Indian refinery official said. "If banks clear payments then we will buy. Otherwise my intake will be zero."