The U.S. sanctioned Rosneft and Lukoil, two of Russia’s largest oil companies, in an effort to restrict Moscow's energy earnings.

Following these sanctions, a Reuters report has said that Indian refiners plan to significantly cut their imports of Russian oil.

Indian Refiners Prepare Import Cuts

Reliance Industries Ltd., India's largest buyer of Russian crude and a leading multinational conglomerate, said it plans to reduce or suspend shipments. According to the report, a company spokesperson said, "We are currently recalibrating our Russian oil imports and will fully comply with Government of India guidelines."

Reliance operates the world's largest refining complex in Jamnagar, western Gujarat, and has a long-term agreement to purchase nearly 500,000 barrels per day of crude oil from Rosneft.

Reliance Industries did not immediately respond to Benzinga's request for comment.

U.S. Sanctions and Deadlines

President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term.

The U.S. Treasury gave companies until Nov. 21 to wind down all transactions with the firms.

See Also: Trump Says He Spoke With Narendra Modi On Diwali: Calls Indian PM ‘A Great Friend’ Amid Tariff Tensions

India's Import Review

Since Russia invaded Ukraine in 2022, India has been the largest importer of Russian seaborne crude, taking in about 1.7 million barrels per day during the first nine months of 2025.

In August, the U.S. president accused India of reselling Russian oil on open markets for "big profits," saying the country doesn't care “how many people in Ukraine are being killed by the Russian war machine."

Last week, Trump said Indian Prime Minister Narendra Modi agreed to stop buying Russian oil, calling it a "big step" amid ongoing trade negotiations.

Based on the report, state-owned refiners such as Indian Oil Corp., Bharat Petroleum Corp., Hindustan Petroleum Corp., and Mangalore Refinery and Petrochemicals Ltd. are reviewing Russian oil trade documents to ensure they have no direct supply links to sanctioned companies.

Trade sources told Reuters that Indian state refiners rarely buy Russian oil directly from Rosneft and Lukoil, with purchases typically made through intermediaries.

Ministry of Petroleum and Natural Gas (MoPNG) did not immediately respond to Benzinga's request for comment.

Russian Oil at Center of Trade Friction

Russian oil is a main irritant for U.S. President Donald Trump in prolonged trade talks with India. Half of his 50% tariffs on Indian goods are in retaliation for those purchases.

Reuters quoted a refinery source saying, "There will be a massive cut. We don't expect it to drop to zero immediately, as some barrels will still enter the market before the deadline."

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.