Indian Refiners Seek Alternatives To Russian Oil Amid US Sanctions Law - Bloomberg

(MENAFN- UkrinForm) Ukrinform reports this, citing Bloomberg.

India, the world's third-largest oil importer, has purchased more than half of its imports from Russia in recent months to offset high prices and supply disruptions from the Middle East. However, major refiners have begun seeking alternatives to Russian crude in recent days.

According to the sources, New Delhi could reduce the share of Russian oil to 20–30% of its imports in the near term, allowing it to no longer be the largest seaborne buyer of Russian crude. At the same time, India will continue negotiations with the United States.

India's imports of Russian oil have already declined. They are expected to average around 1.9 million barrels per day in September, accounting for more than 35% of total imports, the lowest level since April, according to Kpler.

Replacing Russian volumes will be difficult, however, given their scale and the higher cost of alternatives. According to Argus Media, Russian Urals crude was priced at around $133 per barrel for India at the end of last week, while Middle Eastern grades such as Oman and Murban were several dollars more expensive.

In addition, India's demand for oil is growing due to the launch of a new refinery in Rajasthan and the expansion of existing facilities, with imports potentially reaching a record 5.4 million barrels per day.

The new US law allows the Donald Trump administration to impose tariffs of up to 100% on goods from countries that purchase Russian energy products within 30 days. According to the sources, India will monitor whether Washington applies these measures to other major buyers, particularly China.

The new US law allows the administration of Donald Trump to impose tariffs of up to 100% on imports from countries that purchase Russian energy products within 30 days. According to the sources, India will monitor whether Washington applies the measures to other major buyers, particularly China.

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India has repeatedly adjusted the volume of its Russian oil purchases in response to pressure from Washington. At the same time, New Delhi says its decisions are driven primarily by the need to ensure affordable energy supplies for its 1.4 billion citizens.

As reported, US President Donald Trump signed a new law imposing sanctions on Russia, introduced by the late Senator Lindsey Graham.

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