India’s Russian crude imports in Apr-Sept decline 8.4% y-o-y

SHIFTING MARKETS

- NIDHI VERMA

INDIA’S RUSSIAN OIL imports between April and September fell 8.4% on year due to narrower discounts and tighter supplies, with refiners seeking more oil from the Middle East and the United States, according to trade sources and shipping data.

New Delhi is also under pressure from Washington, which has doubled tariffs on Indian goods, to reduce Russian oil imports. White House trade adviser Peter Navarro had said India’s purchases of Russian crude were funding Moscow’s war in Ukraine.