economy
March 4, 2026
Indian Refiners Looking to Increase Russian Oil Purchases
The war in the Middle East is reportedly forcing India to scramble for contingency plans
TL;DR
- India is considering increasing purchases of Russian crude oil due to threatened Middle East supplies.
- State refiners held talks on contingency plans as supplies via the Strait of Hormuz are reportedly halted.
- India may purchase Russian oil cargoes currently loitering near its waters.
- Previous pressure from the US had reduced India's Russian oil purchases to their lowest since September 2022.
- An interim trade agreement between India and the US reduced tariffs, with half of the previous levy being a punitive measure for buying Russian oil.
- US President Trump had previously claimed India agreed to stop buying Russian oil, a claim not acknowledged by New Delhi.
- The US Supreme Court ruled Trump's tariffs unconstitutional, leading him to impose a 15% tariff on imports.
- Indian officials are seeking maneuverability from the US to avoid reimposed punitive tariffs.
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