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yesterday

India Seeks to Restore Russian Oil Purchases as Trump Threatens ‘Second Phase’ Sanctions

Fewer October cargo offers are complicating India's price-first buying strategy.

The US has imposed 50% tariffs on India, alleging that New Delhi's Russian oil imports are fuelling Moscow's Ukraine war.
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Overview

  • President Trump warned that a new round of measures would target countries buying Russian crude.
  • A 50% U.S. tariff on most Indian imports tied to Russian oil purchases remains in force.
  • State refiners led by Indian Oil Corp. aim to revive discounted Russian purchases but report fewer October-loading offers as cargoes shift to China.
  • Russia-to-India seaborne flows fell to about 1.3 million barrels a day in the four weeks to Aug. 31, down from 1.97 million in March, Bloomberg ship-tracking shows.
  • Indian officials say buying will continue if it makes economic sense, with IOC citing a $2–$3 a barrel discount to Dubai, while analysts warn tighter sanctions on payments or insurance could disrupt shipments and lift prices.