U.S. President Donald Trump announced a trade agreement with Indian Prime Minister Narendra Modi on Monday that included a halt to Indian oil purchases from Russia. The trade deal with India would slash U.S. tariffs on Indian goods to 18% from 50% in exchange for India lowering trade barriers and stopping its purchases of Russian oil. This source said Nayara's Russian oil imports in April would be negligible as it shuts its refinery for over a month from April 10 for maintenance. Indian Oil Minister Hardeep Singh Puri said last month India was diversifying its crude sources as its Russian oil imports fall. Data from trade sources showed India's Russian oil imports fell to their lowest level in two years in December, while OPEC's share of Indian imports rose to an 11-month high.

Source: The Telegraph February 03, 2026 07:17 UTC