Bloomberg: India turns to Iraqi oil after sanctions on Russian companies
Bloomberg: India turns to Iraqi oil after sanctions on Russian companies
10-25-2025
Information/Translation..
A Bloomberg report confirmed on Saturday that Reliance Industries, India’s largest buyer of Russian oil, has shifted to buying crude oil from the Middle East and the United States after the imposition of US sanctions on Lukoil and Rosneft and their subsidiaries.
The report, translated by / Al-Maalomah / agency, stated that “this includes various types of crude oil such as Saudi Khafji, Iraq’s Basra Medium, Qatar’s Al-Shaheen, and some types of US West Texas Intermediate crude, according to traders familiar with the situation. These shipments are expected to arrive in December and January.”
The report added, “In total, the Indian company purchased at least 10 million barrels of crude oil from the spot market in October, mostly Middle Eastern crude grades. Most of Reliance Industries’ crude oil purchases came after the United States imposed sanctions on Russian companies. Other Indian refiners are also said to be interested in purchasing from the spot market, particularly from the Middle East, the United States, and Brazil, where Reliance Industries has become India’s largest importer of Russian crude oil by volume this year under a long-term contract with Rosneft.”
On October 23, US President Donald Trump announced US sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, due to the Kremlin’s refusal to reach a ceasefire in Ukraine. The US Treasury Department’s Office of Foreign Assets Control (OFAC) clarified that the Russian-based subsidiaries of both companies are also included, bringing the total number of legal entities to 34. The sanctions prohibit the freezing of assets in the United States.
The report indicated that “as a result, major Indian refiners decided to almost completely reduce their purchases of Russian crude oil, primarily affecting Reliance Industries, as well as Indian Oil, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and the Mangalore Refinery.”
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