India reconsiders Russian oil imports as U.S. tariff hike nears - report

Refiners in India, among the largest buyers of Russian crude, are reportedly planning to trim their purchases in the coming weeks.

The move marks a modest concession to Washington’s hawks, coming less than a day before a scheduled hike in U.S. tariffs.

State-run and private processors, including heavyweight Reliance Industries, are expected to buy 1.4 million-to-1.6 million barrels a day for October loading and beyond, _Bloomberg_ reported.

That compares with an average of 1.8 million barrels a day in the first half of the year.

Volumes may change if India reaches a trade deal with Trump and the U.S. eases pressure on India for funding Russia’s war with Ukraine, the report said.

The Trump administration, eager to reduce a trade deficit with India, has amped up pressure on the country’s energy trade with Russia. That includes a doubling of US tariffs, due to take effect on Wednesday.

India and Russia have meanwhile set a bilateral trade target of $100B by 2030. Bilateral trade reached a record $68.7B in FY 2024-25, with a $58.9B trade deficit as a result of India's increased imports of Russian oil.

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