Reuters: Russia's Worst Fears Regarding Oil Have Been Confirmed

• 23.09.2026, 5:15

India's imports of Russian oil fell by 17% in August.

According to Kpler, in September the decline may continue—to 1.9 million barrels per day, writes Reuters.

The blame lies with the so-called “hellish sanctions” imposed by the U.S. on buyers of Russian oil.

New Delhi, which is negotiating a trade agreement with Washington, stated that it remains “firmly committed” to ensuring the energy security of its population and will continue to purchase energy resources from various suppliers depending on market conditions.

Thus, India remains the largest buyer of oil from Russia, but is already beginning to exercise caution due to the threats. Indian refineries are turning to spot markets and seeking oil shipments for October and November, fearing they will have to cut back on purchases from Russia.

The main risk for Indian companies is the new U.S. sanctions mechanism. Donald Trump may impose tariffs of up to 100% on countries that continue to buy Russian oil. The largest buyers of Russian energy resources, including India and China, are potentially at risk.

For now, Russia remains the top supplier of oil to India, followed by the UAE and Venezuela. But the decline in shipments already shows that even without a final U.S. decision on tariffs, Indian refineries are factoring sanctions risks into their plans.

Analysts note that this is a dangerous trend for Russia. The Indian market has become one of the key lifelines for Russian oil following Western sanctions and Europe’s refusal to accept a significant portion of its supplies. If India begins to systematically reduce its purchases, Moscow will have to offer even larger discounts, seek out more complex delivery schemes, and compete for buyers on less favorable terms.