Indian state refineries halt Russian oil imports after Trump announces sanctions

Reuters reported the information, citing sources.

India is the world’s third-largest oil importer and the largest buyer of Russian crude.

According to four agency sources, last week Indian Oil Corp, Hindustan Petroleum, Bharat Petroleum, and Mangalore Refinery did not request new shipments of crude from Russia.

These four refineries have regularly purchased oil from Moscow, but now they have turned to the spot market to replace it. In particular, the country is looking at grades from the Middle East and West Africa, including Abu Dhabi Murban crude.

• On July 30, U.S. President Donald Trump announced the introduction of 25% tariffs against India starting August 1, as a penalty for buying oil and weapons from Russia, stating that “everyone wants Russia to stop the killings in Ukraine.”