India’s state-run refiners, Indian Oil Corporation (IOC) and Bharat Petroleum (BPCL), have resumed Russian crude imports for September and October after a brief pause, lured by widened discounts of about $3 per barrel on grades like Urals, Varandey, and Siberian Light. The move comes despite U.S. pressure and former President Donald Trump’s threat of steep 50% tariffs on Indian goods starting later this month. For India, however, economics outweighed geopolitics—with refiners stressing that purchases will be guided by market value, not political pressure. The decision not only strengthens India’s energy security but could also shift supply dynamics with China, underscoring New Delhi’s determination to put national interest first.
