Publication date: March 6, 2024
Indian Refiners Hesitate on Russian Oil Deals Amid Sanctions

Indian Refiners Hesitate on Russian Oil Deals Amid Sanctions

Indian oil companies reconsider long-term agreements for Russian oil due to stringent sanctions.

Oil

India's largest oil refiners are reportedly pulling back from finalizing long-term agreements with Rosneft for Russian oil imports, according to Bloomberg. This shift comes as a response to the complicated landscape shaped by heavy sanctions against Russia, affecting the global energy market. Initially, the deals were intended to secure a third of India's daily oil imports from Russia, reflecting the countries' historical energy trade relations.