India Mandates Weekly Russian Oil Import Disclosure Amid US Trade Deal Push
India has mandated weekly disclosures of Russian and U.S. crude purchases from its refiners. This move aims to ease tensions with Washington and revive stalled trade talks, as India expects Russian oil imports to fall below 1 million barrels per day. The data, required by Prime Minister Modi's office, will provide verified figures directly to the U.S., addressing criticisms over India's reliance on discounted Russian oil post-Ukraine war and improving trade relations.
India has implemented a new policy requiring its oil refiners to submit weekly disclosures of crude purchases from both Russia and the United States. This strategic shift is primarily aimed at de-escalating friction with Washington and reinvigorating stalled bilateral trade negotiations. Officials anticipate that this increased scrutiny will lead to a notable decrease in Indian imports of Russian crude, potentially falling below 1 million barrels per day in the coming months.Since the 2022 Ukraine war, India emerged as the leading global buyer of discounted Russian seaborne oil, a move that attracted significant criticism from the U.S. and its allies due to sanctions on Russia's energy sector. The new weekly data requirement, overseen by Prime Minister Narendra Modi’s office, is intended to provide Washington with direct, verified figures, thereby circumventing reliance on third-party estimates. This departure from previous practices, which typically involved monthly customs data or private analytics, underscores India’s commitment to transparency.The large volume of Russian oil imports has become a major sticking point in India-U.S. trade relations, with the U.S. previously doubling tariffs on Indian goods. While India publicly maintains that Russian oil imports are crucial for its energy security, stricter U.S. and EU sanctions have already contributed to a decline in Russian oil flows, with December imports hitting a three-year low. India is also actively looking to boost its imports of American crude and natural gas, signaling a broader rebalancing of its energy procurement and trade diplomacy to align with its strategic partnership aspirations with the United States.
