News India Times

www.newsindiatimes.com – that’s all you need to know India Poised To Sharply Cut Russian Oil Imports After Sanctions, Sources Say I ndian refiners are poised to sharply curtail imports of Russian oil to comply with new U.S. sanctions on two top Russian produc- ers, industry sources said on Thursday (October 23, 2025), potentially removing a major hurdle to a trade deal with the United States. The change comes as India faces punishing 50% tariffs on its exports to the U.S. – with half of those duties in retaliation for Russian oil pur- chases – and negotiates a potential trade deal that could bring those tariffs in line with Asian peers in exchange for winding down crude imports fromMoscow. India has emerged as the biggest buyer of discounted seaborne Russian crude in the af- termath of Moscow’s 2022 full-scale invasion of Ukraine, importing about 1.7 million barrels per day in the first nine months of this year. The U.S. sanctions target Lukoil and Rosneft, Russia’s two biggest oil producers. Privately-owned Reliance Industries, the top Indian buyer of Russian crude, plans to reduce or cease imports of Russian oil, including halting purchases under its large long-term deal with Rosneft, people familiar with the matter said. “Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI (Government of India) guidelines,” a Reliance spokesman said in response to a query on whether the company plans to cut its crude imports from Russia. Indian state refiners including Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are also reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the oil companies, a source with direct knowledge of the matter said on Thursday. India’s oil ministry and the state refiners did not im- mediately respond to requests for comment. “There will be a massive cut. We don’t anticipate it will go to zero immediately as there will be some barrels com- ing into the market” via intermediaries, a refinery source said, declining to be named as they were not authorised to speak with media. Rosneft and Lukoil together supplied about 60% of the Russian oil purchased by India, said Prashant Vashisth, vice president at Moody’s affiliate ICRA Ltd. “While India can substitute the purchases from Russia with suppliers from the Middle East and other regions, the import bill for crude oil would increase. On an annual basis, the replacement by market priced crude would lead to an increase in the import bill by less than 2%,” he said. ‘IT ALL DEPENDS ON BANKS’ Wednesday’s sanctions, the first of President Donald Trump’s second term targeting Russia over its actions in Ukraine, come as his frustration grows with Russian President Vladimir Putin. “If the Trump administration does indeed back today’s words by action, we anticipate that refiners seeking to retain access to U.S. capital markets will forego Russian barrels,” RBC Capital analyst Helima Croft wrote in a note. The U.S. Treasury has given companies until November 21 to wind down their transactions with the Russian oil producers, according to a release on the sanctions on Wednesday. “It all depends on banks,” another Indian refinery official said. “If banks clear pay- ments then we will buy. Otherwise my intake will be zero.” BIG BUYER Reliance, which is controlled by bil- lionaire Mukesh Ambani and operates the world’s biggest refining complex at Jamnagar in western Gujarat state, has a long-term deal to buy nearly 500,000 bpd of crude oil from Russian oil major Rosneft. The refiner also buys Russian oil from inter- mediaries. In recent days, Reliance has purchased spot crude cargoes from the Middle East and Brazil, which could be used to partly replace Russian supplies, traders said. It was seen in the market on Thursday scouting for supplies, said a Middle Eastern trader approached by Reliance. One of the sources said that before the U.S. move, Reliance was considering stopping Russian oil imports for the one of its two refineries that is export-focused due to a ban by the European Union on refined products produced from Russian oil that takes effect in January. Indian refiner Nayara Energy, whose biggest share- holder is Rosneft, also buys oil from the Russian state company. Nayara did not immediately respond to a request for comment. Indian state refiners rarely buy Russian oil directly from Rosneft and Lukoil as their purchases are typically made through intermediaries, trade sources said. Brent crude futures extended gains, rising by 4.92% at 1452 GMT on Thursday.. -Reuters By Nidhi Verma India Nears Deal To Slash US Tariffs On Indian Imports To 15%-16%, Mint Reports I ndia and the United States are nearing a long-stalled trade agreement that would reduce U.S. tariffs on Indian imports to 15% to 16% from 50%, India’s Mint reported onWednesday, October 22, 2025, citing three people aware of the matter. The deal, which hinges on energy and agriculture, may see India gradually scale back its imports of Russian crude oil, Mint reported. India’s Ministry of Commerce and Industry and the White House did not immediately respond to Reuters’ requests for comment. U.S. President Donald Trump said he spoke to Indian Prime Minister Narendra Modi on Tuesday, largely focus- ing on trade. Trump said energy was also part of their discussion, and Modi assured him that India would limit its oil pur- chases from Russia. Modi also said the two leaders had talked, but gave no details about what was discussed. “Thank you, President Trump, for your phone call and warm Diwali greetings,” Modi said on X, referring to the Hindu festival, which was celebrated on Monday. “On this festival of lights, may our two great democ- racies continue to illuminate the world with hope and stand united against terrorism in all its forms,” he said. As part of negotiations withWashington, India may allow increased imports of non-genetically modified U.S. corn and soymeal, Mint reported citing the sources. A deal may also include a mechanism to periodically review tariffs and market access, the outlet said. Finalisation of a bilateral trade agreement is likely to be announced at the ASEAN Summit this month, Mint reported. -Reuters PHOTO:REUTERS/KEVIN LAMARQUE PHOTO:REUTERS/REUTERS/RUPAK DE CHOWDHURI/FILE PHOTO Indian Prime Minister Narendra Modi speaks during a joint press conference with U.S. President Donald Trump at the White House in Washington, D.C., U.S., February 13, 2025. Indian Prime Minister Narendra Modi speaks during a joint press conference with U.S. President Donald Trump at the White House in Washington, D.C., U.S., February 13, 2025. US-India – Special Report News India Times (October 25, 2025 - October 31, 2025) October 31, 2025 5