India has scaled back purchases of Russian crude for arrival in December, showing that Western sanctions and trade talks with the US are having a major impact on buying patterns.
Five big Indian refiners haven’t placed any orders for Russia oil for next month, according to people familiar with the matter, who asked not to be named due the sensitivity of the trade. Typically, deals for crude for the following month are done by the 10th of the current month.
The shift in purchasing by the world’s third-largest oil importer comes after President Donald Trump doubled tariffs on all Indian imports to 50% in August, and then sanctioned Russia’s two biggest oil producers — Rosneft PJSC and Lukoil PJSC — last month. India had become heavily reliant on discounted Russian crude over the last few years, and faced US accusations that it was helping to fund the Kremlin’s war in Ukraine.
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Meanwhile, Russia’s oil revenues plunged 27% Year-on-Year in October, according to Russia’s Finance Ministry cited by The Moscow Times.
Revenue from the mineral extraction tax, a key source of budget income, also fell 26% year-on-year to 671.3 billion rubles.
Oil and gas revenues totaled 7.5 trillion rubles over the first 10 months of 2025, down 2 trillion from 9.54 trillion a year earlier.
The pace of decline has accelerated steadily, from 14% in the first five months of the year to 21% by October.
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