India may sharply cut Russian oil purchases to avoid sanctions: Report

According to Reuters, India’s state-owned refiners have begun reviewing supply arrangements

- BY S VENKAT NARAYAN

India is expected to sharply reduce its imports of crude oil from Russia, its biggest supplier, following fresh sanctions imposed by the United States and Europe, a report by Reuters said on Thursday.

Two refining sources told Reuters that Reliance Industries Ltd, the country’s top private buyer of Russian oil, plans to significantly cut or completely halt its crude imports from Moscow. State-run refiners are also reassessing their purchase plans to ensure compliance with the new restrictions.

The decision comes after the US and its allies imposed additional sanctions on major Russian energy firms, including Rosneft and Lukoil, over the ongoing conflict in Ukraine.

Britain also sanctioned the two companies last week, while the European Union (EU) approved a 19th round of sanctions that includes a ban on imports of Russian liquefied natural gas (LNG).