Reuters: India's state refineries have stopped purchases of Russian oil

Fearing imminent sanctions for the import of Russian oil, state-owned oil refineries in India began to look for alternative suppliers.

"Indian state—owned oil refineries stopped buying Russian oil last week as discounts decreased, and US President Donald Trump warned against buying oil from Moscow," Reuters reports, citing sources.

According to the agency's interlocutors, state-owned companies did not apply for Russian oil.

"These four refineries regularly purchase Russian oil and have switched to spot markets to replace supplies, mainly of Middle Eastern grades, such as Murban grade oil from the UAE and West African oil," the agency's sources said.

Private refiners Reliance Industries and Nayara Energy are the largest buyers of Russian oil in India, but state-owned refineries control more than 60% of all refinery capacity, Reuters noted.

The day before, Donald Trump shortened the deadline for Russia's ultimatum on a peaceful settlement by Ukraine up to 10 days. After that in Washington promises 100 percent duties for countries that buy Russian oil. In addition, the US president announced 25 percent tariffs for India and additional penalties for buying Russian energy.

Indian Business Standard reports that the country's refineries are seeking clarification from the government of India on whether their purchases will be affected in Russia increased US duties. Importers are awaiting a response to their request from the Ministry of Petroleum of India.

"Any reduction in Russian oil supplies will hit the profits of state—owned refineries," Prashant Vasisht, senior vice president of the ICRA agency, told the publication.

As EADaily reported, Russia is one of the world's largest exporters of raw materials, and the restrictions may not be exactly what Trump says, analysts say. They believe that other suppliers will not be able to quickly replace Russian volumes without a new energy crisis.