India’s oil refineries are avoiding purchases of Russian oil for delivery in April. They also plan to continue staying away from such trades for longer. This move could support New Delhi’s efforts to reach a trade agreement with Washington.
Refineries Stop Accepting Russian Oil Offers
According to Reuters, Indian Oil, Bharat Petroleum, and Reliance Industries have stopped accepting trader offers for loading Russian oil. The decision applies to shipments planned for March and April 2026. However, sources in the refining sector noted that these companies had already arranged some Russian oil deliveries for March. Most other Indian refineries have also reduced or halted purchases of Russian crude.
A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world’s most populous nation.
Context
Earlier, the United States and India reached a framework agreement aimed at lowering tariffs, reshaping energy ties, and deepening economic cooperation. This brought the two sides closer to a broader trade deal. The joint US–India statement did not mention Russian oil. However, President Donald Trump lifted a 25% tariff on Indian goods that had been imposed over purchases of Russian oil, saying New Delhi had “committed to stop directly or indirectly” imports of Russian crude.
After Russia’s full-scale invasion of Ukraine, India became the largest buyer of discounted Russian oil. This sparked criticism from Western countries, which imposed sanctions on Russia’s energy sector in an effort to reduce Moscow’s revenues and limit its ability to finance the war.
India Reduces Russian Oil Imports
Last month, India prepared to cut its imports of Russian oil to below 1 million barrels per day by March. Volumes are expected to eventually fall to around 500,000–600,000 barrels per day. For comparison, India imported an average of 1.7 million barrels per day last year. In mid-2025, Russian oil imports to India exceeded 2 million barrels per day.
India is currently the world’s third-largest consumer and importer of crude oil as of 2026, behind the United States and China. In December 2025, India reduced its Russian oil consumption to the lowest level in the past two years. Instead, Indian refineries have been purchasing more oil from the Middle East, Africa, and South America. Trump’s executive order also noted that the U.S. will monitor whether India resumes purchases of Russian crude.
Earlier The Ukrainian Review reported that the new UU sanctions package will most likely propose restrictions on Russian banks and oil companies. It will also target cryptocurrency services and financial institutions in third countries that help Moscow circumvent sanctions. Russia’s oil sector is in a state of crisis that will deepen. Without Western investment and technology, oil production could decline by 15–25% by 2030.
