India-US Trade Pact and Russian Oil Shift
Analysis based on 7 articles · First reported Feb 07, 2026 · Last updated Feb 09, 2026
The markets are impacted by the potential trade pact between India and the United States, which could lead to lower tariffs and increased economic cooperation. The shift in India's oil procurement away from Russia will affect global crude oil markets and the revenues of Russia.
India and the United States are progressing towards a trade pact, with a framework announced to lower tariffs and deepen economic cooperation. This development is linked to India's decision to reduce its purchases of Russian crude oil, a move that President Donald Trump cited as a reason for rescinding 25% tariffs on Indian goods. Indian refiners, including Indian Oil Corporation, Bharat Petroleum, and Reliance Industries, are reportedly avoiding new Russian oil purchases for April delivery. While India has not officially announced a halt to Russian oil imports, its refiners are scaling back, increasing purchases from other regions. Nayara Energy, a Russia-backed refiner, also plans no Russian crude imports in April due to maintenance. This shift is significant as India became a top buyer of discounted Russian seaborne crude after Russia's 2022 invasion of Ukraine.
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