Copyright timesnownews
Indian refiners , who account for over half of the country’s Russian crude imports , have halted purchases for the coming months, signaling a sharp drop in December-January deliveries. This follows US sanctions imposed last week on Russian energy giants Rosneft PJSC and Lukoil PJSC, said a report by the Business Standard. Major Buyers Step Back Amid Sanctions Pressure Top buyer Reliance Industries, which only recently signed a long-term contract with Rosneft, has stopped taking Russian cargoes, sources told Business Standard. Mangalore Refinery and Petrochemicals Ltd (MRPL) and HPCL-Mittal Energy have also suspended purchases, citing rising risk of secondary US sanctions. Together, these refiners imported around 920,000 barrels a day in the first half of the year , roughly 52% of India’s Russian crude intake , a volume now expected to fall to near zero in the short term. Refiners Rush to Replace Supply To offset the loss, Reliance reportedly snapped up at least 10 million barrels of Middle Eastern and US crude last week, while MRPL sourced spot cargoes from Abu Dhabi. The shift underscores how quickly Indian buyers are pivoting amid geopolitical pressure. State-Run Firms Take a Mixed Stance Indian Oil Corporation has said it will not abruptly exit Russian oil purchases but will adhere to global sanctions. Bharat Petroleum also expressed interest in continuing to buy limited volumes in the current cycle. Reliance, MRPL, IOC and BPCL did not respond to comment requests. Russian Tanker Held Off Mumbai Meanwhile, the tanker Ailana, carrying Russian crude from newly sanctioned Rosneft, has been idling off Mumbai since October 24. The vessel has not received clearance to dock, highlighting heightened scrutiny of Russian cargoes after the latest US measures.
