Indian refineries pause Russian oil purchases after Trump slashes tariffs

Indian oil refining companies have suspended purchases of Russian crude following U.S. President Donald Trump’s statement on ending Russian energy imports in exchange for reduced trade tariffs for India.

Indian refineries are seeking clarification regarding future Russian oil purchases, Caliber.Az reports, citing Bloomberg.

At least three refiners are seeking clarification from the government, with two of the processors temporarily halting purchases, according to people familiar with the situation.

India became a key buyer of Russian crude after the invasion of Ukraine in 2022.

At its peak, India was importing over 2 million barrels of Russian oil per day; industry sources now estimate imports could drop to 800,000–1 million barrels per day in the coming months.

India’s Oil Minister said that the country’s refineries plan to increase oil supplies from Canada and the United States. The Kremlin has not yet received any official statements from India regarding a halt in oil imports.

On February 2, 2026, U.S. President Donald Trump announced a major U.S.–India trade understanding following a call with Indian Prime Minister Narendra Modi. Trump said that the United States would significantly reduce tariffs on Indian exports — lowering the reciprocal tariff on Indian goods from 25 per cent to around 18 per cent — as part of a broader deal. He linked this tariff rollback to India’s commitment to stop buying Russian oil, which Trump argued would pressure Moscow over its war in Ukraine. He also claimed India would increase purchases of U.S. energy and goods, and possibly oil from Venezuela, in place of Russian crude.

By Khagan Isayev