Wont completely discontinue Russian oil purchases so long as we’re sanction compliant, says Indian Oil Executive

We should not going to utterly discontinue buying Russian crude oil so long as we’re in compliance with all sanctions, Anuj Jain, Director of Finance at state-owned refiner Indian Oil said within the second quarter investor name on Tuesday (October 28, 2025). The senior govt of the state-owned refiner argued that it’s not Russian crude that has been sanctioned, as an alternative entities and transport traces which have been sanctioned.

“Today if someone involves me which is a non-sanctioned entity, the cap is being complied with and transport is okay, I’ll proceed to purchase it [Russian oil],” he advised traders. Mr. Jain was responding to a query about validating supply of the client in spot market purchases. He assured {that a} certificates of origin is a part of the usual documentation when one makes a cost. 

Discounts constant in previous five-six months 

Mr. Jain said within the investor name that Russian crude shaped 18-19% of the state-owned downstream refiner’s general combine within the second quarter. He added that reductions on Russian crude have been “constant” up to now 5 to 6 months at about $2-3 for each barrel. 

Greatest level of competition in U.S. commerce negotiations 

Other than issues about agricultural commerce, India’s buy of Russian crude oil has been the most important level of competition in the direction of securing a commerce take care of the U.S. This was particularly after Washington imposed 50% tariffs on New Delhi which additionally included a 25% penalty for buying Moscow’s oil. U.S., which has been apprehensive about Russian actions in Ukraine and has been searching for an finish to the battle that began 2022, sanctioned two of their largest oil corporations Lukoil and Rosneft on October 23. This was in a bid to curtail their potential to provide to abroad markets.