India has started buying American, Canadian, and Middle Eastern oil, but has not abandoned Russian supplies. The country’s giant Indian Oil Corp has recently purchased 7 million barrels of oil, Reuters reports.
Russia remains India’s main oil supplier, accounting for about 35% of total imports. Moscow’s energy exports remain its leading source of profits, which it uses to fund its war against Ukraine.
Indian Oil Corp strengthens supplies from the West and the Middle East
According to the latest findings, India’s largest oil refining company has bought 4.5 million barrels of American oil, 500,000 barrels of Canadian Western Canadian Select, and 2 million barrels of Das crude from Abu Dhabi. The delivery is scheduled for September 2025.
These large purchases are connected to the country’s intention to replace Russian oil due to falling discounts and new EU sanctions on Russian energy.
Sanctions pressure and trade risks
Earlier, Oil Minister Hardeep Singh Puri said India was ready to meet its oil needs from alternative sources if Russia’s supplies are affected by secondary sanctions.
In July, US President Donald Trump stated that countries continuing to buy Russian oil could face 100% tariffs if Moscow does not agree to a peace deal with Ukraine within at first, 50 days and then 10 days.
NATO Secretary General Mark Rutte confirmed that due to the new economic measures, countries, including India, could suffer losses if they continue to do business with Moscow.