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Indian refiners may reduce Russian oil imports. Reuters reported in a report that refining company Reliance will adjust its purchases of Russian oil according to government guidelines. Government companies are also checking the shipments.
US President Donald Trump is pressurizing India to stop buying oil from Russia. He also imposed sanctions on Russian oil companies Rosneft and Lukoil on October 22.
Earlier, the European Union had also completely banned the import of Russian LNG. Britain also imposed sanctions on Rosneft and Lukoil last week.
Government companies are also checking shipments
Government companies like Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum are also examining their business documents. They are checking the bills of shipments arriving after November 21 to ensure that there is no direct supply from Rosneft or Lukoil.
The Indian government has privately asked companies to start reducing imports of Russian oil, a person familiar with the talks between New Delhi and local refiners said.
Sanctions on Russian companies come into effect from November 21
The US Treasury has given time till November 21, 2025. During this period the companies will have to conclude transactions with Rosneft and Lukoil. Failure to comply may result in fines, blacklisting or trade restrictions.
Prices of petrol and diesel may increase due to expensive crude oil
Russian oil was cheap, now oil has to be taken from alternative sources like the Middle East or America, which are expensive. Russian oil had a major share in India’s total imports, hence the refining cost will increase and its impact can also be seen on the prices of petrol and diesel.
India has been buying Russian oil since the Russia-Ukraine war.
Russian oil became cheaper after Russia’s attack on Ukraine in 2022. India is the world’s third-largest oil importer, and Russian oil met its needs cheaply. But now due to sanctions it may have to reduce Russian oil purchases.
Indian government data shows the country has bought discounted Russian oil worth about $140 billion through 2022. Reliance and other companies processed it into petrol and diesel and sold it in the domestic and international markets.
Trump said- India will stop buying Russian oil
Speaking to reporters at the White House on Wednesday, October 22, Trump said, “Buying oil is a process that is not possible to stop immediately, but by the end of the year they will reduce it to zero. Just yesterday I had a conversation with Prime Minister Modi about this.
Trump had imposed 25% extra tariff on India
Earlier in August, Trump had imposed 25% additional tariff on India for buying oil from Russia. A total of Rs 50 tariff is being imposed on India from August 27. There is a 25% reciprocal i.e. tit-for-tat tariff and a 25% penalty on purchasing oil from Russia.
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