Read, Watch or Listen

Indian state-owned refineries halted Russian oil imports last week due to threatened US tariffs and shrinking price discounts. This follows President Trump's announcement of a 25% tariff on Indian goods starting August 1st, in response to India's purchases of Russian energy. While India significantly increased Russian oil imports after the Ukraine invasion, state-owned refiners, accounting for over 60% of India's refining capacity, have shifted to Middle Eastern and West African alternatives. Private refiners remain major buyers of Russian oil, but this move signals a significant shift in India's energy strategy.

Prepared by Christopher Adams and reviewed by editorial team.