India’s state-owned refiners, Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL), have restarted purchases of Russian crude for September and October deliveries, officials familiar with the matter confirmed on Wednesday.
Both companies had suspended imports in July, as discounts on Russian grades narrowed and New Delhi faced criticism from Washington over its continued reliance on Moscow’s oil. Adding to the pressure, US President Donald Trump warned of an additional 25% tariff on Indian goods starting August 27, aimed at penalising India for its energy trade with Russia.
According to company officials, discounts for Russia’s flagship Urals crude have now widened to about $3 per barrel, making it financially attractive for Indian refiners. At the same time, China has ramped up its own Russian oil purchases, increasing competition in the market.
Along with Urals, IOC has procured other Russian grades including Varandey and Siberian Light, officials added. However, Indian refiners typically do not issue public statements regarding their crude import mix.
Earlier this week, IOC, India’s largest refiner, told analysts it would continue sourcing Russian oil whenever price dynamics are favorable, underscoring that purchase decisions remain strictly driven by economics rather than political considerations.
The development highlights India’s delicate balancing act—maintaining affordable energy supplies for its growing economy, while managing geopolitical pressure from the United States over its engagement with Moscow.