India's Russian crude oil imports climbed 34 per cent to a record high in June, reaching EUR 4.5 billion despite lower Russian export revenues. The surge boosted supplies to major Indian refineries, reinforcing India as Russia's second-largest fossil fuel buyer
India has sharply increased Russian oil imports after the US allowed higher purchases, prompting several tankers originally bound for China to divert to Indian ports. Analysts say rising demand from multiple buyers could push global oil prices higher.
Reliance Industries said it will comply with all applicable sanctions and recalibrate its refinery operations after the US imposed fresh restrictions on Russian oil majors Rosneft and Lukoil. The company said it is assessing the impact on its long-term crude supply deals
White House trade adviser Peter Navarro controversially labeled the Ukraine conflict as “Modi’s war,” alleging India fuels Russia’s war machine by buying discounted oil. Navarro defended Trump’s 50% tariffs on India, insisting peace “runs through New Delhi,” drawing criticism for targeting India
President Donald Trump indicated that the US may not enforce secondary tariffs on countries, including India, purchasing Russian oil. The warning follows earlier US tariff measures, while India maintains that targeting it is unjustified and will safeguard its national interests.
India may face a $9–11 billion spike in oil import costs if US penalties force it to cut Russian crude. With EU sanctions also tightening, refiners like Reliance and Nayara could lose margins, affecting inflation and fuel pricing.
Indian government sources clarified on Saturday that there is no pause in Russian oil imports, countering President Trump’s claim. They said India’s energy decisions are based on national interest and market prices, with no halt reported by Indian refiners.
Donald Trump said he “heard” India had stopped buying oil from Russia, calling it a “good step” but admitted uncertainty. His comments come amid rising US tariffs on India and criticism over New Delhi’s defence and energy ties with Moscow.
Washington: The US has said it is having “intensive engagement” with key oil consuming countries, including India, on the specifics of how a price cap on Russian oil imports would work, but the issue was not discussed at the level of President Joe Biden and Prime Minister Narendra Modi during the recent G7 Summit. The […]
Brussels: EU leaders have said that they will block most Russian oil imports by the end of 2022 to punish Moscow for invading Ukraine, media reports said. The EU-wide ban will affect oil that arrives by sea – around two-thirds of imports – but not pipeline oil, following opposition from Hungary, BBC reported. Poland and […]
