Indian Refiners Eye Cheaper Russian Oil From Non-Sanctioned Sellers

27 Nov 2025 CW Team

The price of the Urals blend for Indian buyers has dropped to a discount of up to USD 7 per barrel to dated Brent on a delivered basis, for cargoes loading in December and arriving in January, according to people familiar with the matter. Most Indian refiners had paused purchases of Russian crude arriving after the sanctions on Rosneft and Lukoil took effect last week, effectively curtailing a trade that surged after Russia’s 2022 invasion of Ukraine, when India capitalised on discounted supplies.

On Thursday, Reliance Industries, India’s largest refiner, announced that it has stopped importing Russian crude for its SEZ refinery in Jamnagar from 20 November. From 1 December, all product exports from this refinery will be derived from non-Russian crude. The final cargo subject to the new rules was loaded on 12 November, the company said. Any Russian cargo arriving after sanctions began will be processed only at the refinery supplying the domestic market.

However, sentiment among Indian refiners has shifted in recent days as Urals prices have fallen further. Some processors are now open to purchasing Russian oil from non-sanctioned entities, though only about one-fifth of currently offered cargoes are free of links to blacklisted sellers, the sources noted.

Before the latest sanctions, Urals crude was trading at a discount of around USD 3 per barrel. The US curbs, which follow earlier sanctions on Gazprom Neft PJSC and Surgutneftegas PJSC, have led Indian refiners to increase purchases from other regions, including West Asia.

Data from global analytics provider Kpler show that Russian crude supplies to India averaged 982,000 barrels per day (bpd) between 1 and 20 November, compared with an average of 1.75 million bpd from January to September. Despite near-term declines, Kpler forecast last week that a complete halt to Russian imports remains unlikely.

A section of Indian oil refiners is considering buying non-sanctioned Russian crude as prices fall to the steepest discount in two years, following US sanctions on top producers Rosneft PJSC and Lukoil PJSC that have disrupted a once-lucrative trade. The price of the Urals blend for Indian buyers has dropped to a discount of up to USD 7 per barrel to dated Brent on a delivered basis, for cargoes loading in December and arriving in January, according to people familiar with the matter. Most Indian refiners had paused purchases of Russian crude arriving after the sanctions on Rosneft and Lukoil took effect last week, effectively curtailing a trade that surged after Russia’s 2022 invasion of Ukraine, when India capitalised on discounted supplies. On Thursday, Reliance Industries, India’s largest refiner, announced that it has stopped importing Russian crude for its SEZ refinery in Jamnagar from 20 November. From 1 December, all product exports from this refinery will be derived from non-Russian crude. The final cargo subject to the new rules was loaded on 12 November, the company said. Any Russian cargo arriving after sanctions began will be processed only at the refinery supplying the domestic market. However, sentiment among Indian refiners has shifted in recent days as Urals prices have fallen further. Some processors are now open to purchasing Russian oil from non-sanctioned entities, though only about one-fifth of currently offered cargoes are free of links to blacklisted sellers, the sources noted. Before the latest sanctions, Urals crude was trading at a discount of around USD 3 per barrel. The US curbs, which follow earlier sanctions on Gazprom Neft PJSC and Surgutneftegas PJSC, have led Indian refiners to increase purchases from other regions, including West Asia. Data from global analytics provider Kpler show that Russian crude supplies to India averaged 982,000 barrels per day (bpd) between 1 and 20 November, compared with an average of 1.75 million bpd from January to September. Despite near-term declines, Kpler forecast last week that a complete halt to Russian imports remains unlikely.

Real Estate

11 May 2026

Casagrand Launches 41-Acre Highcity Project in Chennai

Casagrand has launched Casagrand Highcity, a 41-acre integrated residential development on Chennai’s Outer Ring Road (ORR), marking the company’s largest residential project to date.The project will comprise over 4,000 two and three BHK apartments across four G+22 towers and is positioned as one of the largest organised residential developments in the ORR corridor.Located along Chennai’s emerging residential and infrastructure growth belt, the project benefits from connectivity to IT hubs including Navalur, Siruseri SIPCOT and Porur, as well as industrial clusters such as Sriperumbudur, ..

Real Estate

11 May 2026

Brigade, Marriott Open Courtyard Kochi Infopark

Brigade Hotel Ventures (BHVL) and Marriott International have opened Courtyard by Marriott Kochi Infopark, a rebranded and upgraded hotel formerly operating as Four Points by Sheraton Kochi Infopark.Located in Kakkanad adjoining Infopark Kochi, the 218-room property strengthens Brigade’s hospitality portfolio in one of the city’s key IT and commercial corridors. The hotel is positioned to cater to corporate, MICE and leisure travellers visiting Infopark, SmartCity and other business hubs in Kochi.The property offers flexible workspaces, smart TVs and high-speed WiFi across rooms and suites..

Real Estate

11 May 2026

WorkEZ Expands South India Portfolio to 1.7 Mn Sq Ft

Work Easy Space Solutions (WorkEZ) has expanded its managed workspace portfolio to approximately 1.7 million sq. ft. across 12 operational buildings and two upcoming developments, strengthening its footprint across South India.The expansion includes the addition of 65,000 sq. ft. at Phoenix One National Park in Chennai and the company’s entry into Kochi through a partnership with Lulu Developers, adding another 70,000 sq. ft.WorkEZ has also signed a 0.4 million sq. ft. development in Coimbatore with Veeras Infra following the successful leasing of 0.1 million sq. ft. in the first phase. The ..