India’s state-owned oil refining companies, including Indian Oil Corp. and Bharat Petroleum Corp., have resumed purchases of Russian Urals crude for September and October after a pause. This occurred despite increased tariffs and criticism from the US, Bloomberg reports.
Source: Gazeta.UA
At the end of July, the New Delhi government instructed refiners to develop plans to stop using Russian oil in case of supply disruptions. According to the US, the resumption of purchases is driven by speculation from India’s large oil lobby, not the country’s internal needs.
US Treasury Secretary Scott Bessent confirmed that authorities plan to raise tariffs for New Delhi, as the increase in Russian oil purchases benefits wealthy Indian families.