NEW DELHI — A slowdown in India’s crude oil imports from Russia may be short-lived, Kremlin spokesperson Dmitry Peskov said on Tuesday, as Moscow plans to boost supplies to New Delhi despite Western sanctions.
India, the world’s third-largest oil consumer, has cut Russian crude imports this month under pressure from U.S. and European sanctions, with purchases set to reach a three-year low. Russia remains an important energy supplier to India, and Peskov said trade mechanisms not affected by third-country sanctions are being arranged to maintain deliveries.
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Several Indian refiners, including Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corp, and HPCL-Mittal Energy Ltd, have paused Russian oil purchases. Meanwhile, state-run Indian Oil Corp has placed orders from non-sanctioned Russian entities, and Bharat Petroleum Corp is in advanced talks to resume imports.
Nayara Energy, partly owned by Russia’s Rosneft, continues to process Russian crude exclusively, while Reliance Industries has only processed precommitted Russian shipments as of October 22. Peskov emphasized that Russia expects India to continue supporting Nayara to maximize local processing and capacity utilization.
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The remarks came ahead of Russian President Vladimir Putin’s summit visit to India, where energy and trade ties are expected to dominate discussions with Prime Minister Narendra Modi.