State-owned refiners in India are still buying Russian oil, even as New Delhi seeks relief from U.S. tariffs imposed for those purchases, according to energy analysts.
The U.S. imposed a “secondary” 25% tariff on Indian goods in August, citing New Delhi’s continued imports of Russian crude. Washington also sanctioned Russian oil companies Lukoil and Rosneft in late November.
On Sunday, U.S. Senator Lindsay Graham claimed that India’s U.S. ambassador, Vinay Mohan Kwatra, had asked him to urge President Donald Trump to lift these tariffs, arguing that New Delhi has reduced its purchase of Russian oil.
While India’s overall demand for Russian crude fell in December, analysts said the decline was largely driven by reduced buying from Mukesh Ambani-owned Reliance Industries
, which had been a major importer before the U.S. sanctions on Lukoil and Rosneft took effect in late November.
