Japan, South Korea, Thailand and India will get the oil volumes they had sought, with some even getting extra supplies, according to refinery officials.
State processors are collectively working on finalizing and securing new six-month supply contracts for Russian crude to India, eager to take more of the heavily-discounted stocks.
Following an oil supply crunch and historic inflation, the easing of penalties may allow California-based energy corporation Chevron to negotiate resuming operations in Venezuela.
The EU plans to ban Russian oil over the next six months and refined fuels by the end of the year, to increase pressure on Vladimir Putin over his invasion of Ukraine.
White House Press Secretary Jen Psaki also reiterated US' desire that New Delhi does not purchase oil from Russia amid American sanctions on Moscow for invading Ukraine.
Such pacts are often short-lived and lack the deep liquidity provided primarily by the dollar. Moreover, India doesn't get much in return for this accommodation and has much to lose.
Russian oil has been flowing to Asia in greater volumes as buyers across Europe and the U.S. shun supplies, following the invasion of Ukraine. India and China have been the key buyers.
India wants to use a smaller state-run bank such as UCO Bank or one with minimum exposure to western sanctions imposed by US, Europe to handle the payments process, officials said.
Two days after polling ended, fuel retailers who were widely expected to raise prices have kept them unchanged. Even surge in global crude prices hasn’t made an impact yet.
One analyst noted that Trump’s tariff on India signals a clear shift from Washington’s earlier view of New Delhi as a friendly partner to a strategic adversary.
India’s industrial output growth saw a 10-month low in June, with Index of Industrial Production (IIP) growing by mere 1.5% as against 1.9% in May 2025.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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