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President Vladimir Putin speaking at the Russian Energy Week in Moscow on October 16, 2025.
Russian President Vladimir Putin said on Thursday that if If we are attacked with American Tomahawk missiles, we will give a strong response. This statement of Putin This comes after the US imposed sanctions on two Russian oil companies.
However, Putin also appeared ready for talks. Putin also said, ‘Dialogue is always better in conflict or any dispute. We have always supported continuing the talks.
In fact, after the proposed meeting between Trump and Putin was canceled on October 22, the US had imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil. Its purpose is to stop the funding Russia is getting for the war.
Putin criticized Trump’s move and talked about the worsening of relations. Actually, Trump wanted to build good relations with Russia at the beginning of his tenure, but he was angry with Putin for repeatedly refusing ceasefire on Ukraine war.
Putin said – US sanctions will increase oil prices
Putin further said that the embargo on Russian oil will reduce supply, which will increase oil prices. I talked to Trump about this. Oil may become expensive not only in Russia, but also in America and the whole world.
At the same time, the US Treasury Department said that Russia is not serious about stopping the war, hence these sanctions have been imposed. With this decision, all assets and interests of these companies falling under US jurisdiction have been effectively blocked.
Sanctions on 2 Russian companies and 36 subsidiaries
Rosneft is a Russian government company that specializes in oil exploration, refining and sales. Lukoil is a privately owned international company engaged in exploration, refining, marketing and distribution of oil and gas both in Russia and abroad.
Sanctions have also been imposed on 36 subsidiaries of these two companies with direct or indirect stake of 50% or more.
According to the report of the newspaper The Guardian, half of Russia’s crude oil is exported from these two companies. The impact of the sanctions could lead to a 5% increase in global oil prices. The European Union has also decided to ban Russian LNG gas.
Ban on Russian companies will come into effect from November 21
The US Treasury has given time till November 21, 2025. During this period, the remaining companies will have to end transactions with Rosneft and Lukoil. If not complied with, fines, blacklisting or trade restrictions may result.
Rosneft is the third largest company in Russia. Its market cap is around Rs 7 lakh crore ($85 billion).
Reliance-Russian Rosneft sign deal to import 25 million tonnes of oil
Indian businessman Mukesh Ambani’s Reliance Industries Limited (RIL) and Russia’s state oil company Rosneft have a long-standing strong business relationship.
Reliance is India’s largest buyer of Russian crude, handling almost half of total imports from Russia.
Reliance had signed a deal with Rosneft in December 2024 to import 5 lakh barrels per day (25 million tonnes) of crude oil for 25 years. Its value is 12-13 billion dollars annually.
Report claims- India will reduce oil purchases from Russia
At the same time, after Trump’s sanctions, it was claimed on Thursday that Indian refiners can reduce the import of Russian oil. Reuters reported in its report that refining company Reliance is adjusting 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. Trump had claimed on October 19 that he had spoken to Prime Minister Modi. The Prime Minister has told them that he will stop purchasing crude oil from Russia.
Trump’s claim regarding India’s purchase of Russian oil
- 15 October: I spoke to Prime Minister Narendra Modi today. He assured me that India will not buy oil from Russia, this is a big step.
- 17 October: India will not buy oil from Russia, they used to buy 38% earlier and are now ‘pulling back’.
- 19 October: I spoke to Prime Minister Modi and he said that he will not import oil from Russia. If they want to say that it didn’t happen, they will have to pay huge tariffs and they won’t have to do that.
- 21st October: I spoke to Modi. He assured me that India will reduce oil purchases from Russia. He wants the war to end, just like I want it to end.”
India bought 34% oil from Russia in September
Despite Trump’s claims, Russia remains India’s largest oil source. According to data from commodity and shipping tracker Kleppler, New Delhi accounted for 34 percent of incoming shipments in September alone. However, there was a 10 percent decline in imports in the first eight months of 2025.
According to the agency data, India imported an average of 1.72 million barrels per day (bpd) of crude oil from Russia in the month of August 2025. At the same time, this figure decreased slightly to 1.61 million bpd in September.)
According to experts, this cut has been made to bring diversification in American pressure and supply. On the contrary, private refinery companies like Reliance Industries and Nayara Energy have increased their purchases.
India has options
Russian oil was cheap, now oil will have to be taken from countries 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 imports more than 80% of its oil needs. Apart from Russia, it buys most of the oil from countries like Iraq, Saudi Arabia and America. If Russia wants to stop importing oil, it will have to increase its imports from other countries.
- Iraq: It is India’s second largest oil supplier after Russia, which provides about 21% of our imports.
- Saudi Arabia: The third largest supplier, which supplies 15% of our oil needs (about 7 lakh barrels per day).
- America: In January-June 2025, India imported 2.71 lakh barrels of oil daily from America, which is double the previous amount. US share in India’s oil imports to reach 7% in July 2025.
- South African country: Nigeria and other South African countries also supply oil to India and government refineries are turning towards these countries.
- Other countries: Murban crude from Abu Dhabi (UAE) is a big option for India. Apart from this, India has also started importing oil from Guyana, Brazil, and other Latin American countries. However, buying oil from them is usually more expensive than Russian oil.
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