Indian Refiners Resume Russian Oil Purchases despite US Tariff Pressure
India’s state-owned refiners have resumed Russian crude purchases for September delivery, prioritising commercial benefits over mounting diplomatic pressure from Washington.
Indian Oil Corporation and Bharat Petroleum Corporation secured Russian Urals crude at $3-per-barrel discounts for September and October shipments. The companies had paused purchases in July when price differentials narrowed but recommenced buying as commercial terms improved.
The procurement restart occurs despite US President Donald Trump’s 25% additional tariff on Indian goods, imposed August 27 to penalise India’s continued energy trade with Russia. The levy specifically targets Delhi’s Russian oil imports, which have provided India with $12.6 billion in savings over 39 months.
IOC has expanded its Russian...