Amid pressure concerning tariffs from the United States, several Indian state-owned oil refinery companies have temporarily suspended the purchase of crude oil from Russia.
These companies include Indian Oil Corporation, Hindustan Petroleum Corporation, Bharat Petroleum Corporation, and Mangalore Refinery Petrochemicals. They've currently halted purchasing Russian oil, opting instead to shift their sourcing towards the Middle East and Africa.
Sources indicate that these Indian governmental companies have ceased crude oil imports since last week, though no official response has been issued by the companies or the government.
Conversely, private Indian oil refinery giants like Reliance and Nayara continue to import Russian oil under annual agreements. Post-2022, the discounted rates at which India was acquiring oil from Russia have diminished.
Trump threatened to impose a 100% tariff on India's Russian oil purchases, announcing reciprocal tariffs on over 90 countries. India faces a 25% tariff starting August 1, with additional penalties possible for Russian oil transactions.
It's noteworthy that India stands as the world's third-largest oil importer, trailing behind China in purchasing significant amounts from Russia.
August 1
: Implementation of a 25% tariff on India by Trump.
