India’s Russian Oil Imports Slide as Refiners Hunt for Alternatives

AI Summary

India's Russian crude oil imports declined 16.5% in August amid growing US sanctions threatening tariff penalties on major buyers. While Russia remains India's top crude supplier, refineries are actively seeking alternative sources to reduce reliance on Russian oil.

India’s imports of Russian crude fell 16.5% in August and are expected to decline again in September, just as a new U.S. sanctions law gives Washington authority to hit major Russian oil buyers with tariffs of up to 100%. Russian shipments to India dropped to about 2.1 million barrels per day in August from July’s record levels, according to trade data cited by Reuters. Preliminary Kpler data puts September imports at 1.9 million bpd. Russia remains India’s largest crude supplier. The August decline predates the new U.S. law,…