Russia Says India’s Oil Imports Dip Will Be Brief
His comments come ahead of President Vladimir Putin’s two-day visit to New Delhi from Thursday, as Russia seeks to reinforce defence and energy ties. India, Russia’s largest buyer of seaborne crude, is expected to reduce imports this month to their lowest level in at least three years amid tightening US sanctions on key Russian producers, including Rosneft and Lukoil.
“There can be, for a very brief period of time, insignificant decreases in the volume of oil trade,” Peskov told Indian journalists during a video interaction organised by Russia’s Sputnik news agency. He stressed that Russia remains India’s top oil supplier and has long experience operating under what he described as “illegal sanctions”.
Peskov said Moscow is working to create the “necessary environment” for buyers seeking Russian oil and will continue to refine its technological solutions to mitigate the impact of sanctions. He added that trade between the two nations must be protected from pressure by third countries, with payment mechanisms set to feature prominently in talks between the leaders.
Several Indian refiners — including Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corp and HPCL-Mittal Energy Ltd — have halted purchases of Russian crude. State-run Indian Oil Corp has placed orders from non-sanctioned suppliers, while Bharat Petroleum Corp is in advanced negotiations for imports.
Nayara Energy, partly owned by Rosneft, continues to process only Russian oil after other suppliers withdrew due to UK and EU sanctions. Russia is urging India to support Nayara to maintain local sales and operational capacity.
Reliance Industries Ltd, previously Russia’s biggest Indian customer, has said it loaded Russian cargoes “precommitted” by 22 October and will refine any arriving after 20 November at its domestic-focused facility.