Sources indicate that IOC has released a new oil tender, while the country’s leading private refiner Reliance Industries has increased its spot purchases.
Indian refiners have stopped new purchases of Russian oil, as reported, due to increased sanctions by Washington on Moscow’s major energy companies, causing worries over payment issues. Because of the uncertainty regarding the acquisition, the purchasers are looking for confirmation from the government.
The rising uncertainty has led some Indian refiners to turn to spot markets for their immediate crude oil needs. Sources indicate that the state-run Indian Oil Corporation (IOC) has released a new oil tender, while the country’s leading private refiner Reliance Industries has increased its spot purchases.
This comes after the US last week imposing new sanctions on Russia’s top oil companies; Lukoil and Rosneft, in addition to existing sanctions from the EU and the UK due to the conflict in Ukraine.
A high-ranking official in refining mentioned that companies are awaiting direction from the government and suppliers prior to finalizing new contracts. “New orders are being held until we determine if cargoes can be obtained through non-sanctioned intermediaries,” the official stated.
Reliance Industries, the biggest buyer of Russian oil in India since 2022, stated it will rigorously adhere to global sanctions while continuing its relationships with other approved suppliers under sanctions. The conglomerate has additionally halted imports from Rosneft, its main partner in Russia.
According to data from the International Energy Agency (IEA) cited by Reuters, India has brought in roughly 1.9 million barrels daily of Russian crude during the first nine months of 2025, accounting for nearly 40% of overall Russian oil exports.
