The analyst ruled out India's refusal from Russian oil due to US sanctions

India may reduce purchases of Russian oil in response to the increase in US duties, but this does not mean abandoning Russian supplies. Leading Analyst at the National Energy Security Fund (NWF) Igor Yushkov said on August 26 that pressure from the United States is one of the key reasons for the change in import volumes, but India is not making an official decision to completely stop purchases.

Yushkov noted that the reduction would have been impossible without US pressure, but at the state level, India does not prohibit its companies from buying oil from Russia. Each company acts at its own discretion. According to him, oil refiners in India are focused solely on profit and continue to purchase Russian oil, as it remains the most profitable on the market.

However, there are nuances related to political pressure. Indian companies that have received information about additional taxation of their goods when they are shipped to the United States may be cautious in terms of purchase volumes.

Delivery played: India has made a decision on Russian oil

Fuel purchases from the Russian Federation are an issue of energy security for 1.4 billion residents of the republic, the ambassador said.

Nevertheless, Yushkov argues that India is not going to abandon Russian oil in the long term. He noted that such a reduction in purchases had already occurred earlier, when US President Donald Trump imposed additional duties against India, but eventually the volume of purchases returned to normal. The first reaction to the imposition of additional duties was that India reduced purchases of Russian oil. However, China quickly filled the gap. As a result, India has returned to normal volumes, Yushkov added.

Thus, despite short-term fluctuations, Russian oil continues to be the most profitable source of supplies for India. The average purchase volume in 2024 was about 1.8 million barrels per day. However, according to the expert, small fluctuations in the volume of purchases are a common practice.

According to the analyst, India will continue to buy Russian oil, as it is the most profitable source for the country. The refusal to purchase it will not ensure the removal of import duties, which India is well aware of. The example of Japan, which followed the instructions of the United States, but still faced high duties, clearly demonstrates this.

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On August 7, Trump announced new sanctions against Russia's trading partners. At the same time, the American president did not rule out that the United States could subsequently cancel duties of 25% against India for the purchase of Russian oil. In addition, restrictions on trade with Russia may be imposed on China.

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