Particle.news
Download on the App Store
164 ARTICLES
·
last wk.

India Accelerates Oil Diversification as Russian Discount Narrows Under New EU Cap

Russia’s wartime oil discount has shrunk to around $2 under an EU-imposed $47.6 price cap, prompting New Delhi to accelerate supplier diversification.

Dmitry Medvedev attends a meeting of the Council for Science and Education at the Joint Institute for Nuclear Research in the Moscow region's city of Dubna, Russia June 13, 2024. Sputnik/Alexei Maishev/Pool via REUTERS/File Photo
European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo
Image

Overview

  • Russia still provides about 35% of India’s crude imports, but the Urals discount to Brent has tightened to $1.70–$2 per barrel, its slimmest since 2022.
  • The EU’s 18th sanctions package cuts the price cap to $47.6 a barrel, bans refined products linked to Rosneft’s Vadinar refinery and blacklists 105 shadow-fleet tankers.
  • President Trump has threatened 100% secondary tariffs on Russian exports and their buyers if Moscow fails to secure a Ukraine ceasefire within 50 days.
  • Petroleum Minister Hardeep Singh Puri and MEA spokesperson Randhir Jaiswal stress that India has expanded crude sourcing from 27 to 40 countries and will manage any sanctions disruption.
  • Indian refiners are building three new strategic oil reserves and eyeing alternatives such as Murban and WTI to lessen reliance on Russian barrels.