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Events / India Scales Back Russian Oil for US...
International trade agreement

India Scales Back Russian Oil for US Tariff Relief

Analysis based on 11 articles · First reported Feb 03, 2026 · Last updated Feb 08, 2026

Sentiment
20
Attention
6
Articles
11
Market Impact
Direct
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Market Impact

The agreement between India and the United States is expected to shift global crude oil trade flows, reducing India's reliance on Russian oil and potentially increasing demand for US and Venezuelan crude. This could lead to a slight increase in India's import bill but also diversify its energy sources.

Oil and gas Refining International trade
Event Summary

India has agreed to scale back its crude oil purchases from Russia in exchange for the United States rescinding a 25% punitive duty on all imports from India. This decision follows US sanctions on Russian oil exporters and aims to reduce India's dependence on Russian crude. While most Indian refiners, including Indian Oil Corporation and Bharat Petroleum, will wind down their Russian oil imports, Rosneft===Nayara Energy is likely to continue purchases due to its Russian links and limited alternatives. The move is expected to lead to a decline in India's Russian oil imports, which had already been decreasing, and may open avenues for India to import more crude from the United States and Venezuela.

Key Actions
90 United States rescinded punitive 25% duty on imports India
90 India committed to scale back crude oil purchases Russia
70 Rosneft===Nayara Energy likely to continue purchases Russia
50 Reliance Industries likely to cease purchases Russia
40 Indian Oil Corporation will wind down purchases Russia
40 Bharat Petroleum will wind down purchases Russia
30 Hindustan Petroleum stopped buying oil Russia
30 Mangalore Refinery and Petrochemicals Limited stopped buying oil Russia
+ 1 more actions View on Dashboard
Entities Involved
cnt
India
India has agreed to scale back crude oil purchases from Russia in exchange for lower trade tariffs from the United States. This move is expected to increase India's import bill slightly but also open up new crude oil sourcing options.
Importance 100 Sentiment 20
cnt
United States
The United States has rescinded a 25% punitive duty on imports from India following India's commitment to reduce Russian oil imports. This strengthens trade relations between the two countries.
Importance 100 Sentiment 20
cnt
Russia
Russia is expected to see a decline in its crude oil exports to India, a significant buyer, due to the agreement between India and the United States. This further impacts Russia's oil revenue streams amidst existing Western sanctions.
Importance 80 Sentiment -40
subs
Rosneft===Nayara Energy
Rosneft===Nayara Energy, due to its Russian links and existing sanctions, has limited alternatives for crude oil supply and is likely to continue purchasing Russian oil from non-sanctioned entities. An exemption from India's 'no-Russian oil-buy' policy may be created for Rosneft===Nayara Energy.
Importance 70 Sentiment 0
stock
Rosneft
Rosneft, a Russian oil company, holds a significant stake in Rosneft===Nayara Energy, which complicates Rosneft===Nayara Energy's ability to source non-Russian crude due to sanctions.
Importance 60 Sentiment -30
stock
Reliance Industries
Reliance Industries Ltd, India's biggest buyer, which had paused purchases after US sanctions, is likely to cease purchases after its current cargo delivery.
Importance 50 Sentiment 0
stock
Indian Oil Corporation
Indian Oil Corporation (IOC) will wind down its purchases of Russian oil in line with the new agreement.
Importance 40 Sentiment 0
+ 7 more entities View on Dashboard
Relationships
India related ↔ United States
India related ↔ Russia
Rosneft related ↔ Rosneft===Nayara Energy
India related ↔ Rosneft===Nayara Energy
United States related ↔ Russia
United States related ↔ Rosneft===Nayara Energy
Russia related ↔ Rosneft===Nayara Energy
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