Russian oil imports to India will fall to minimum in December due to US sanctions, - Reuters
In December, Russian oil imports to India will reach their lowest level in three years.
This was reported by Reuters, according to Censor.NET.
The reason is that Indian oil refineries are switching to alternative sources of supply to avoid violating US sanctions.
Buyers of Russian oil had to stop working with Rosneft and Lukoil by November 21 because of sanctions. Banking controls forced state-owned refineries to be "extremely cautious," sources add. India is expected to receive 600,000-650,000 barrels of Russian oil per day in December, while in November, deliveries reached 1.87 million barrels per day.
Most Indian refineries, including Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corp, and HPCL-Mittal Energy Ltd, have stopped buying Russian oil. State-owned companies Indian Oil Corp and Bharat Petroleum Corp have limited purchases to entities not subject to sanctions.
Nayara Energy, partly owned by Rosneft, continues to refine exclusively Russian oil, while Reliance Industries Ltd processes "pre-ordered" shipments and plans to refine any arrivals after November 20 at its plant for the domestic market.
As a result, the share of US oil in India's imports reached its highest level since June 2024 in October, as refineries took advantage of the arbitrage opportunity.
What preceded it?
- We would like to remind you that on October 23, the US Treasury Department announced the imposition of sanctions against major Russian oil companies Rosneft and Lukoil. The reason for the additional sanctions is Russia's lack of serious readiness for a peace process aimed at ending the war in Ukraine.
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US President Donald Trump has stated that he will sign a bill to strengthen sanctions against Russia if the final decision on their application rests with the president.
