NEW DELHI: Indian state refiners are reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the companies, a source with direct knowledge of the matter said on Thursday.
US President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft as his frustration grows with Russian President Vladimir Putin over the war in Ukraine.
The U.S. Treasury has given companies until November 21 to wind down transactions with the Russian oil producers, according to a release on the sanctions on Wednesday.
State refiners, including Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals, are reviewing bill of lading documents for Russian crude arriving after that date to make sure it is not coming directly from Rosneft or Lukoil, the source said.
The companies did not immediately respond to requests for comment.
Indian state refiners rarely buy Russian oil directly from Rosneft and Lukoil as their purchases are typically done through intermediaries, trade sources said.
India became the top importer of discounted Russian seaborne oil after Western nations suspended their purchases in the aftermath of Moscow’s invasion of Ukraine in February 2022.
India imported about 1.7 million barrels per day of Russian oil in January to September, with private refiners Reliance Industries and Nayara Energy taking most of the barrels.
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