Overview

• Hardeep Singh Puri said there are no sanctions on purchasing Russian crude, only a G7 price cap that India observes when seeking lower prices.
• Russia supplies roughly 10–10.5 million barrels a day, and he warned that removing the world’s No. 2 producer would force consumption cuts and drive prices higher.
• His comments followed the United States imposing 25% punitive duties linked to India’s trade tied to Russian oil, with talks continuing on broader trade issues.
• Puri said state-run refiners make autonomous sourcing decisions, current discounts from Russia are modest, and he expects crude to hover around $65–68 a barrel.
• Reported figures indicate India met over a third of its 5.8–6 million bpd demand with Russian supply in August, averaging about 2 million bpd.