India to cut Russian oil purchases by 20%

 Indian refiners plan to slash purchases of Russian oil by around 20% in the coming weeks, Bloomberg reported, citing sources. Daily imports, which reached 1.8 million barrels in the first half of the year, are expected to fall to 1.4–1.6 million barrels from October. The reduction affects both state-owned and private refiners, including Reliance Industries, the largest buyer.

The move comes ahead of higher U.S. tariffs on Indian goods taking effect on Aug. 27. President Donald Trump announced the tariffs in response to India’s Russian oil imports and support for Moscow’s military.

Data from Kpler shows Indian imports have been declining for four months, dropping from over 2 million bpd in March to 1.655 million in July. August saw a sharper drop after Washington imposed 25% duties and the EU sanctioned a Rosneft-linked refinery in India.

Bloomberg said the cut signals a concession to Washington but not a break with Moscow. Imports could rebound if trade talks ease pressure. India currently accounts for 37% of Russia’s oil exports.