India Reportedly Reviewing Russian Oil Contracts After U.S. Sanctions on Rosneft and Lukoil
Jamnagar Refinery in Gujarat, India — The world’s largest oil refinery complex, owned and operated by Reliance Industries, illuminated at night. Date: 23 March 2006 Author: Reliance Industries Source: Forbes India License: Creative Commons Attribution-Share Alike 4.0 International
India is reviewing contracts for Russian oil imports following new U.S. sanctions against energy giants Rosneft and Lukoil, Orda.kz reports, citing The Economic Times.
According to the media's industry sources, Indian refiners are reassessing their agreements to ensure there are no direct supplies from the sanctioned companies.
The move comes after Washington imposed restrictions on both firms and 34 of their subsidiaries, citing Russia’s “lack of commitment to the peace process.”
Sources told The Economic Times that Reliance Industries Ltd, India’s largest buyer of Russian crude, plans to sharply reduce — or possibly suspend — imports from Moscow. State-owned refiners are also said to be reviewing all trade documentation involving Russian suppliers.
One industry insider told The Economic Times that refiners are being very cautious. They want to make sure there are no direct links to Rosneft or Lukoil in their current contracts.
The review follows the U.S. Treasury Department’s announcement of new sanctions on Russian oil companies and their affiliates. In a post on Truth Social, President Donald Trump shared the Treasury documents, saying the measures were intended to pressure Moscow to agree to an immediate ceasefire.
Notably, India’s energy companies, which have purchased discounted Russian crude since 2022, may now have to diversify supply sources if the sanctions complicate payments and logistics.
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