Indian companies have begun reviewing their oil supply contracts with Russia to exclude purchases from Rosneft and Lukoil following the latest U.S. sanctions against them, Reuters reported, citing industry sources.
According to the agency, the state-run firms Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals are now re-evaluating their agreements with Russian suppliers.
Under a U.S. Treasury Department statement, all companies must terminate any transactions with Russian oil producers by November 21. Indian refiners are currently examining shipping documents for Russian crude scheduled to arrive after that date to ensure that it does not originate directly from Rosneft or Lukoil.
However, Reuters sources noted that India’s state-owned refiners rarely purchase oil directly from Rosneft or Lukoil, typically relying on intermediaries and traders instead.
Until recently, India was the second-largest buyer of Russian oil after China, but has started reducing imports under U.S. pressure. The Indian refiner Nayara Energy, partly owned by Rosneft, has already come under EU and UK sanctions.
In August, U.S. President Donald Trump signed an executive order imposing a 25% tariff on Indian goods to pressure New Delhi into halting oil imports from Russia. In October, Trump again threatened to maintain “massive” tariffs unless India completely stops purchasing Russian energy resources.
