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  • India’s Russian oil imports are set to fall to a three-year low in December as refiners avoid breaching tightened Western sanctions.
  •  The US, EU, and UK have intensified sanctions on Russian producers Rosneft and Lukoil; buyers had until Nov 21 to wind down dealings.
  • EU will stop accepting fuel made from Russian crude handled within 60 days of shipment starting Jan 2
  •  Indian state refiners are becoming highly cautious due to increased bank scrutiny after US sanctions.
  • India is expected to import only 600,000-650,000 bpd of Russian oil in December.
  • India received 1.87 million bpd of Russian crude in November and 1.65 million bpd in October.
  • November supplies were higher as refiners stocked up before sanction deadlines.
  • Most refiners, including MRPL, HPCL, and HMEL have halted purchases of Russian oil.
  • IOC and BPCL will now buy only from non-sanctioned entities.
  • Nayara Energy (part-owned by Rosneft) continues to process only Russian oil as other suppliers step back.
  • Reliance loaded only pre-committed Russian cargoes and will process any post-Nov 20 arrivals only for domestic fuel production.
  •  US crude share in India’s imports surged in October due to attractive price arbitrage.
  •  India also faces US pressure to increase American energy purchases after Washington doubled tariffs on Indian goods to 50%.