Reuters: Indian refineries cancelling orders for Russian oil

Indian refineries have begun cancelling orders for Russian oil due to U.S. sanctions on Lukoil and Rosneft.

Some Indian refineries have already cancelled previously booked shipments to avoid falling under the restrictions, Reuters reports.

Sources told Reuters that banks are refusing to process payments for sanctioned goods, and Reliance, India’s largest buyer of Russian oil, has announced its intention to strictly comply with the new restrictions.

Currently, Indian companies are waiting to see whether they can receive shipments from Russian traders who are not subject to sanctions.

According to the International Energy Agency, India purchased 1.9 million barrels per day in the first nine months of 2025, accounting for 40% of Russia’s total oil exports.

From April to September, India’s imports of Russian oil fell by 8.4% year-on-year due to reduced discounts and lower supply, as refiners sought more oil from the Middle East and the U.S., according to trade sources and shipment data.

The European Union, the UK and the U.S. have imposed a raft of sanctions against Russia. Fresh U.S. measures last week targeting Russian producers Lukoil and Rosneft prompted Indian refiners to scramble to curtail Russian oil imports.

India became the top buyer of seaborne Russian crude after Moscow's Ukraine invasion in 2022, buying 1.9 million barrels per day in the first nine months of 2025, or 40% of Russia's total exports, according to the International Energy Agency.

By Khagan Isayev