India to Slash Russian Oil Imports Amid New U.S. Sanctions

Indian refiners are set to cut Russian oil imports due to new U.S. sanctions on Russian producers. India, the largest buyer of discounted Russian crude, reacts to U.S. pressure with Reliance Industries and state refiners planning reductions. Transactions need winding down by November 21, amidst complex trade dynamics.

Indian refiners are gearing up to significantly reduce Russian oil imports in response to new U.S. sanctions targeting two key Russian producers. The move is part of an effort to lessen Moscow's oil-driven revenue, which fuels its ongoing conflict in Ukraine.

India, having become the primary buyer of Russian seaborne crude since the 2022 invasion, faces diplomatic pressure. Reliance Industries, one of India's largest private buyers, is reportedly planning to cut or halt Russian oil imports in compliance with governmental directives.

State-owned refiners are scrutinizing their trade documents to ensure no purchases come directly from sanctioned entities, Rosneft and Lukoil. With a deadline of November 21 to cease business with these producers, industry sources foresee a substantial reduction in oil imports.

(With inputs from agencies.)