Photo: depositphotos
Historically, India has not been a major importer of Russian oil, relying more on the Middle East. However, the situation shifted after Russia’s full-scale invasion of Ukraine in 2022. Following new U.S. sanctions targeting Russian oil giants Rosneft and Lukoil, flows to major Indian refineries—which have benefitted both India and Russia economically over the past three years—are expected to fall almost to zero, Bloomberg reports.
Anonymous officials from Indian refineries noted that the sanctions make continued imports from the largest Russian producers nearly impossible. According to analytics firm Kpler, Russian oil accounted for over 36% of India’s imports this year, a significant concern for the U.S. administration.
The sanctions aim to cut off oil from Russian giants and will likely redirect shipments to other sources. The only possible exception is Nayara Energy, backed by Rosneft, which continues processing Russian crude under the EU’s July sanctions.
Analysts say India may adjust more easily than China due to its shorter history of importing Russian oil, but both countries face challenges from the new restrictions. The sanctions follow a broader U.S. strategy to pressure Russia to end the war in Ukraine, including measures announced after Trump canceled a planned summit with Putin in Budapest.
