One of Russia's major oil customers to stop buying if US imposes sanctions

Earlier this week, US President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow does not reach a peace deal with Ukraine within 50 days.

According to Puri, India should be able to handle any issues with Russian imports by turning to supplies from other countries. He noted that many new suppliers are entering the market, such as Guyana, as well as additional deliveries from existing producers like Brazil and Canada.

In addition, India is ramping up exploration and production.

"I'm not worried at all. If something happens, we'll deal with it. India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," Puri said at an industry event in New Delhi.

"If Russian supplies are hit, the state-owned Indian Oil Corp will "go back to the same template (of supplies) as was used pre-Ukraine crisis, when Russian supplies to India were below 2," the company's chairman A.S. Sahney told reporters at the event.

Kremlin's biggest war sponsor

According to the data, Russia remains India's largest supplier, accounting for around 35% of India's total imports. It is followed by Iraq, Saudi Arabia, and the United Arab Emirates.

Indian imports of Russian oil saw a slight increase in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy responsible for about half of total purchases from Moscow.

India has significantly boosted its trade with Russia following the start of the full-scale invasion of Ukraine, particularly buying Russian oil, a key revenue stream for the Kremlin's war machine.

According to a Razumkov Center poll, in January 2024, India was reclassified by Ukrainians as a hostile country. It now ranks alongside China, North Korea, and Iran.