Amid growing calls from Washington for New Delhi to reduce its dependence on Russian energy, Indian Oil Corporation (IOC) has said it will continue sourcing crude from Russia, Financial Express reported. The state-owned refiner described the move as a commercial decision, noting that Russian oil now accounts for a significant share of its supply basket.
The United States has repeatedly argued that India’s imports indirectly support Moscow’s war effort in Ukraine. Former US President Donald Trump and other American officials have criticised India’s position, while more recently White House trade adviser Peter Navarro alleged in an international media column that India is acting as a clearinghouse for Russian oil, refining sanctioned crude and exporting it to global markets.
India’s Ministry of External Affairs has pushed back, maintaining that the country is being unfairly targeted, as Western nations themselves continue to import goods from Russia.
According to IOC, Russian crude made up 22% of its total supply in FY25, a share that has risen to about 24% in FY26 and the current quarter. The company said it has not received any directive from the government on the issue. “Neither are we being told to buy, nor told not to buy,” an IOC official said, adding that the company is not deliberately adjusting Russian volumes up or down.
IOC also disclosed that it is securing Russian crude at a discount of around $1.5 per barrel compared to the Dubai benchmark, which helps reduce procurement costs.
The report in Financial Express noted that Indian refiners, led by IOC, have emerged as some of the biggest buyers of discounted Russian oil since 2022, despite mounting pressure from Western capitals.
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