Overview

• Provisional Kpler data show India’s Russian crude imports at roughly 1.60 million barrels per day in September, a 5.4% month-on-month dip that still left Russia supplying about a third of India’s intake.
• State-run refiners cut purchases sharply to about 605,000 barrels per day, while private players lifted intake to roughly 979,000 barrels per day, reflecting divergent priorities on security of supply versus margins.
• Indian officials and public-sector refiners report no directive to halt Russian oil, reiterating that buying decisions hinge on economics and the absence of direct sanctions on the barrels themselves.
• Washington’s additional 25% tariff in August lifted duties on most Indian goods to about 50%, but analysts say the modest September decline reflects pricing and freight factors rather than a policy-driven pullback.
• At the Valdai forum, Vladimir Putin defended India’s stance, warned U.S. tariffs could backfire, estimated India’s losses at $9–10 billion if it stopped buying Russian crude, and signaled plans to boost purchases of Indian farm goods and pharmaceuticals ahead of his planned December visit.