Indian Oil issues BIG statement over Russian oil purchase, says ‘We won’t buy Russian oil if…’, Mukesh Ambani also plans to…
The United States imposed sanctions on Russian oil companies Rosneft and Lukoil on October 22, followed by the European Union, which completely banned transactions with both companies the next day.
New Delhi: Amid fresh US and European sanctions, India(BHARAT)n Oil Corporation (IOC) made it clear that it will follow all applicable international sanctions. In a major statement, IOC Chairman Arvinder Singh Sahni said, “We will abide by all sanctions imposed by the international community.” However, Sahni declined to specify how much oil IOC is currently importing from Russia.
It is important to note that between April and September 2025, Russian oil accounted for 21 percent of IOC’s total crude imports. But the situation has been changing since the imposition of US sanctions. IOC’s subsidiary, Chennai Petroleum Corporation Limited (CPCL), has halved its Russian oil imports this month.
The United States imposed sanctions on Russian oil companies Rosneft and Lukoil on October 22, followed by the European Union, which completely banned transactions with both companies the next day.
Reliance and Nayara Energy’s stance
Reliance Industries has already said that it will comply with all Western sanctions. The company said its “diversified sourcing strategy will ensure that refining operations remain unaffected.” On the other hand, Rosneft-backed Nayara Energy — which relies almost entirely on Russian oil — now has limited options left.
Talking to Jagran.com, Kepler analyst Sumit Ritolia said that India(BHARAT)’s imports of Russian oil may now range between 1.6 and 1.8 million barrels per day, while supplies from Rosneft and Lukoil are expected to decline further. India(BHARAT)n refiners are now increasing imports from Colombia, Canada, and the Middle East.
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