Indian oil refineries are looking for non -Russian oil suppliers after Trump's threats to introduce “secondary tariffs” - Bloomberg

Indian oil refineries urgently began to look for new oil suppliers on a roar after US President Donald Trump threatened to impose additional sanctions against the Russian Federation. This caused concerns about possible interruptions in Russian oil supplies, Bloomberg reports .

State companies Bharat Petroleum and Hindustan Petroleum are looking for additional deliveries to May from the regions of the Middle East, North Sea and Mediterranean, sources familiar with the situation said. Typically, the trading cycle for volumes supplied next month ends in early March. Indian refinery is looking for non -Russian deliveries in the spot market to reduce their dependence on the OPEC+ member after the threat of Trump, traders who received tender notifications said.

India greatly depends on the cheaper Russian oil supplies from the beginning of the war in Ukraine, after the Russian Federation began to reduce prices in order to attract buyers after imposing Western sanctions. Last month, both state and private refineries restored the supply of all Russian oil, which they requested, after a short break caused by the tightening of sanctions by Washington.

Deliveries from Russia to India amounted to almost 40% of Indian oil imports in 2024, and the bulk of the procurement was Urals oil. In recent years, India has reduced its dependence on Middle Eastern and African supplies due to access to cheaper Russian varieties.

Previously, Trump announced the possibility of introducing the so -called secondary tariffs for buyers of Russian oil if President Vladimir Putin refuses a truce with Ukraine. These comments led to an increase in oil futures: West Texas Intermediate jumped 3.1% on Monday, which became the largest increase in almost 11 weeks. As the economist Vladislav Inozemtsev said in an interview with The Insider, Trump can really introduce secondary duties - only not to Russian oil, but to goods coming from the countries that purchase it. This, however, will lead to a strong increase in oil prices in general, that voters of the US president will not like.