Indian Refiners Pause Russian Crude Purchases

IndianOil reported a Q2 net profit of about ₹7,610 crore, saying stronger refining margins and efficiency — rather than explicitly Russian supplies — drove the result; Russian barrels made up roughly 19–21% of its recent crude imports. After recent US, EU and UK sanctions targeting major suppliers Rosneft and Lukoil, Indian refiners have begun pausing or suspending purchases of Russian crude, with HPCL‑Mittal Energy saying it stopped buys and companies including Reliance and IndianOil pledging to comply with international measures. Firms emphasize the sanctions target specific Russian entities, ships and transactions rather than crude itself, and many are exploring purchases via non‑sanctioned intermediaries, aggregators or traders while pausing new orders pending legal clarity. Data and analysts say flows into India have not collapsed and refiners are taking a “wait and watch” approach to balance energy security, discounted Russian barrels and geopolitical pressure. Refiners plan to diversify supplies (Middle East, US, Brazil, Africa) if needed — a shift that could raise India’s import bill — and the government has not yet issued formal guidance on the new measures.