Indian refiners are avoiding fresh purchases of Russian crude for March–April deliveries, as per a report by Reuters. Meanwhile, Union Minister of Commerce and Industry Piyush Goyal, while speaking to ANI on the topic, had said that India’s decisions on Russian oil imports are taken solely by domestic buyers and are not dictated by the recently concluded India-US interim trade agreement framework.
According to the Reuters report, Indian companies like Indian Oil, Bharat Petroleum and Reliance Industries are not accepting Russian oil offers for upcoming loading in March and April, though some March deliveries were already scheduled earlier. Most other refiners have stopped buying Russian crude, Reuters noted.
FinancialExpress.com could not verify the Reuters report independently.
The India-US trade framework released on Friday does not mention anything on Russian oil purchases, nor has India officially announced any plan to halt Russian oil imports.
Piyush Goyal says Russian oil import decisions rest with domestic buyers
According to Goyal, “the buying of crude oil, LNG, or LPG from the US is in India’s strategic interest as we diversify sources. But the decision is taken by the buyers themselves. The trade deal does not decide who will buy what and from where.”
For more details on the implications Piyush Goyal said, “I don’t deal with that,” adding that the Ministry of External Affairs would be better suited to comment on the matter.
Indian refiners step back from Russian oil ahead of India-US trade deal
The US has rescinded the 25% tariffs on Indian goods imposed last year over Russian oil purchases, saying New Delhi had “committed to stop directly or indirectly” importing Russian oil. Trump warned to reinstating the tariffs if India resumed oil procurement from Russia said US officials would monitor the Indian oil purchase.
A Reuters report, citing refining and trade sources, said Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for a longer period.
Indian refiners turn to Middle East, Africa as Russian oil imports drop
India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022. However, after facing the steep 50% tariff from the US last year and sanctions from Western nations, India tried to diversify its oil imports by sourcing more from Middle Eastern, African and South American countries.
The intake of Russian oil by India, the world’s third-biggest oil consumer and importer, declined to its lowest level in two years in December.
According to Reuters, citing sources last month, India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average of 1.7 million bpd last year. India’s Russian oil imports topped 2 million bpd in mid-2025.