Russian oil imports to India to hit three-year low in December, Reuters
Photo: Indian refineries have switched to alternative sources under pressure from Western sanctions (Getty Images)
India will cut imports of Russian oil in December to the lowest level in three years. The reason is that Indian refineries are switching to alternative supplies to avoid violations of Western sanctions, Reuters reports.
Buyers of Russian oil were required to stop cooperation with two major Russian oil companies — Rosneft and Lukoil — by November 21.
In addition, starting January 21, the European Union will begin rejecting fuel from refineries that processed Russian oil within 60 days of the date of the bill of lading.
The outlet, citing a source, writes that banking oversight following the latest U.S. sanctions has forced India’s state-run refineries to be "extremely cautious." According to the source, in December, India is likely to receive between 600,000 and 650,000 barrels of Russian oil per day.
According to preliminary Kpler data, India is expected to receive 1.87 million barrels of Russian oil per day this month. In October, it imported 1.65 million barrels per day, which is 2% higher than in September.
"Russian supply is expected to be high in November as many refineries tried to fill the stocks prior to the US sanctions deadline and also due to the rule for oil products production for EU market from non-Russian oil from 2026," reported a source in the trade industry.
Sanctions against Russia
On November 17, it became known that the United States is preparing a new bipartisan bill to tighten sanctions pressure on Russia. US President Donald Trump has approved the measure, according to one of its co-authors, Senator Lindsey Graham.
In October, the United States imposed sanctions on Russian oil giants Rosneft and Lukoil, as well as their 36 subsidiaries, in an effort to push the Kremlin toward negotiations on Ukraine. Immediately afterward, the market capitalization of both companies fell sharply, and they were forced to sell off foreign assets.
In addition, major state-owned refiners in China suspended purchases of ESPO crude following US sanctions. India is moving in the same direction.
According to media reports, roughly 48 million barrels of Russian oil may end up stranded at sea due to the US measures. As a result, dozens of tankers will be forced to seek alternative ports of discharge.
