Indian Oil and Bharat Petroleum have bought Russian crude for September and October delivery, resuming purchases after discounts widened, two company officials aware of the matter told Reuters on Wednesday.
The development comes on the heels of US treasury secretary Scott Bessent accusing “some of the richest families in India” of profiteering from the oil trade with Russia, and a senior Russian diplomat saying that Moscow has a "very, very special mechanism" to continue oil supplies to India that will remain at the same level.
The resumption in Russian oil imports could reduce supplies for top buyer China which had stepped up purchases during their absence, Reuters reported.
India had halted purchases in July due to narrower discounts and after Delhi was criticised by Washington for its purchases of Russian oil.
US President Donald Trump has also threatened an additional 25 per cent levy on Indian goods, effective August 27, to penalise New Delhi for its continued buying of Russian crude.
Discounts for Russian flagship Urals crude have widened to about $3 per barrel, making the oil attractive for Indian refiners, while China has stepped up purchases, the officials told Reuters.
The IOC has also bought other Russian crude oil grades including Varandey and Siberian Light, they said.
On Monday, the IOC told analysts that it would continue to buy Russian oil depending on economics.
In recent weeks, Chinese refineries bought 15 cargoes of Russian oil for October and November delivery, according to two analysts and one trader, as reported by Reuters.
