US sanctions on Russian oil hit India's imports
US sanctions on Russian oil giants Rosneft and Lukoil have led to a sharp drop in oil shipments to India, aiming to squeeze Russia's wartime income.
After the sanctions were announced in October and ahead of their effective date of November 21, daily exports fell from nearly 2 million barrels to just 1.19 million by late October—a big shift for one of India's main energy sources.
Major Indian refiners have started pausing imports
Major Indian refiners like HPCL-Mittal Energy and Indian Oil Corporation have started pausing imports from these Russian suppliers.
Still, experts like Kpler's Sumit Ritolia think imports may settle at a lower but steady level, since buying Russian crude is still profitable for India.
So while volumes might dip further, a total stop isn't likely—India seems set on keeping its energy options open.