According to reports, in June 2023, India imported about 2.1 million barrels of oil per day, accounting for nearly 45% of its total imports. It is projected that by 2026, the volume of supplies may decrease to 600,000 barrels per day, which would be the lowest level since early 2022. However, neither the imposed tariffs nor the sanctions against companies such as "Rosneft" and "Lukoil" have led to a complete cessation of imports.
On August 6, 2023, the U.S. imposed a 25% tariff on a number of Indian goods in an attempt to force New Delhi to abandon purchases of Russian oil. Later, U.S. President Donald Trump expressed the opinion that India would likely stop its purchases.
According to Reuters, after negotiations with Washington, Indian refineries reduced their purchases of Russian oil by about 50%. In December 2023, Bloomberg reported that India purchased a shipment of oil from Guyana for the first time since 2021. Meanwhile, Russian President Vladimir Putin expressed readiness to ensure stable fuel supplies to New Delhi.
