State-run Indian Oil Corporation and Bharat Petroleum are reportedly not accepting offers from March
Indian refiners are set to forgo oil purchases from Russia, Reuters reported on Sunday.
State-run Indian Oil Corp and Bharat Petroleum, as well as the largest private refiner Reliance Industries are not accepting offers to purchase Russian oil for loading in March and April, according to the report.
The news agency added that these three refiners had already scheduled some Russian oil shipments for March, but others in India have stopped purchases entirely.
The move is reportedly intended to facilitate a trade pact with Washington, announced by US President Donald Trump on February 2.
Trump signed an executive order on Friday that eliminates the 25% tariff imposed on India in August for importing Russian oil. The order claims that New Delhi has agreed to stop buying oil from its northern partner.
A joint statement by the US and India on a trade framework made no mention of Russian oil. New Delhi has not publicly confirmed that it will end purchases of Russian oil. Moscow has said it is not aware of any decision by India to cut supplies.
Oil imports from Russia fell to a 38-month low of $2.7 billion in December 2025, The Hindu reported. They now account for less than a quarter of India’s supply of the fuel, down from 34% a month ago, according to the report.
Indian refiners would require a wind-down period to complete oil deals with Russia, Reuters reported last week. It added that New Delhi has so far not ordered a halt to imports.
New Delhi has said it is open to exploring the commercial merits of any supply options, including from Venezuela.
