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Indian state refiners pause Russian oil purchases, sources say

Industry sources claim that Indian refineries have stopped purchasing Russian oil over the last week, as discounts are shrinking this month. Also, President Donald Trump has warned Americans against buying oil from Moscow.

India, which is the third largest oil importer in the world, is the top buyer of Russian crude shipped by sea.

Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., have not purchased Russian crude for the last week or so.

IOC, BPCL HPCL MRPL, and the Federal Oil Ministry did not respond immediately to'comments.

Sources said that the four refiners buy Russian oil regularly on a delivery basis, and they have turned to the spot market for supply replacements - mainly Middle Eastern grades like Abu Dhabi's Murban oil and West African crude.

Reliance Industries, Nayara Energy and other private refiners are India's largest Russian oil buyers. However, state refiners have control of over 60% India's total 5.2 million barrels a day refining capability.

Trump announced 100% tariffs against countries that purchase Russian oil, unless Moscow agrees to a major deal of peace with Ukraine.

(source: Reuters)