According to sources familiar with the matter, after the United States imposed sanctions on two major Russian oil companies - Rosneft and Lukoil, Indian refineries are preparing to significantly cut down their imports of Russian crude oil to avoid secondary sanctions. The largest Indian buyer of Russian crude oil, the private company Reliance Industries, is planning to reduce or stop importing Russian crude oil, including suspending large long-term purchase agreements with Rosneft. Several state-owned Indian oil companies are also re-examining their petroleum trade documents with Russia. This move could clear a major obstacle for India in reaching a trade agreement with the United States. Currently, the United States imposes a 50% punitive tariff on goods imported from India, half of which is a tariff imposed by the US as retaliation for India's purchase of Russian crude oil. India is negotiating with the United States on trade, and the possible agreement may include: if India gradually reduces its imports of crude oil from Russia, the US tariffs on India will be reduced to levels comparable to those of other Asian countries.
According to multiple trade sources, Chinese state-owned oil companies have also suspended purchases of Russian seaborne crude oil due to concerns over sanction risks. A sharp drop in demand for Russian oil from China and India is expected to significantly weaken Russia's oil revenue and force the two countries to seek alternative supplies, thereby pushing up international oil prices.
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