Indian state refiners halt Russian oil imports amid Trump's 25% tariff and penalty threat
&imwidth=600&imheight=450&format=webp&quality=medium "Indian state refiners halt Russian oil imports amid Trump's 25% tariff and penalty threat")
Indian state refiners halt Russian oil imports Photograph: (Reuters)
These four refiners regularly buy Russian oil on a delivered basis, but now they have turned to spot markets for replacement supply, including Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil.
Indian state refiners have stopped buying Russian oil in the past week, citing discounts narrowed this month, the industry sources told Reuters. This comes amid US President Donald Trump warning India against buying oil from Russia as Moscow intensifies its war with Ukraine.
Several state refiners of India, including Indian Oil Corp (IOC.NS), opens new tab, Hindustan Petroleum Corp (HPCL.NS), Bharat Petroleum Corp (BPCL.NS), and Mangalore Refinery Petrochemical Ltd (MRPL.NS), have not sought Russian crude in the past week, four sources familiar with the refiners' purchase told Reuters.
Notably, India is the world's third-largest oil importer and the biggest buyer of seaborne Russian crude.
However, the refiners have not responded to the request for comment yet.
These four refiners regularly buy Russian oil on a delivered basis, but now they have turned to spot markets for replacement supply, including Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said.
State refiners control over 60 per cent of India's overall 5.2 million barrels per day refining capacity.
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Trump calls India, Russia's economy 'dead'
Earlier today, Trump hit out at India for purchasing oil from Russia. This came hours after the US president announced 25 per cent tariffs on Indian imports.
Trump said that he does not care about India's trade dealings with Russia, saying that the two "can take their dead economies down together".
"I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India; their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together. Let's keep it that way," Trump said in a post on Truth Social.
On July 14, Trump even threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a ceasefire and peace deal with Ukraine.
