Indian Refineries Halted Purchases Of Russian Oil

This came after Trump's threats.

India's state-owned refineries have halted imports of Russian crude following statements by U.S. President Donald Trump, who threatened Asia's second-largest economy with 100 percent duties for cooperating with Russia, The Moscow Times reported.

The halt in purchases took place this week, four industry sources told Reuters. They said Indian Oil Corp, the country's largest oil company, which operates 10 of India's 20 refineries with a combined capacity of 60 million tons a year, among others, had refused barrels from Russia.

In addition, Hindustan Petroleum, Bharat Petroleum and Mangalore Refinery Petrochemical suspended imports, the sources said. Indian refineries, according to Reuters' interlocutors, are looking for substitutes for Russian barrels on the spot market and have started buying oil from Middle Eastern OPEC countries and West Africa.

The largest buyers of Russian oil in India, however, are private refineries Reliance Industries and Nayara Energy, in which Rosneft has a stake. The latter fell under the 18th package of European sanctions and began to experience difficulties in selling its oil products.

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