India Cuts Russian Oil Purchases Under US Pressure — Bloomberg

India’s largest refiners, including Reliance Industries, plan to cut Russian oil imports by hundreds of thousands of barrels per day.

In the coming weeks, Indian state-owned and private refineries will cut oil purchases from Russia from 1.8 million barrels per day to 1.4-1.6 million barrels, Bloomberg reported.

The volumes may change depending on the outcome of negotiations between New Delhi and Washington. If India concludes a trade deal with the United States, the Donald Trump administration may ease pressure on Russian energy imports.

The US authorities consider Indian purchases an important factor in financing Russia’s war against Ukraine. US Treasury Secretary Scott Bessant previously directly accused Delhi of “war profiteering” due to a sharp increase in Russian oil imports.

The Trump administration has already decided to double tariffs on Indian goods, which will take effect on August 27. This is part of Washington’s strategy to reduce the trade deficit with India and limit Delhi’s cooperation with Moscow in the energy sector.

Recall that until 2022, India almost did not purchase Russian energy resources, while now it accounts for about 37% of oil exports from Russia.

As USM recently wrote, Indian oligarchs received $16 billion in excess profits from Russian oil.