IOC Says No Pause on Russian Oil Despite US Tariffs
Indian Oil Corporation (IOC) has confirmed that it will continue importing Russian crude, stressing that the decision is based solely on commercial considerations, not political directives.
No Change in Import Policy
Chairman A.S. Sahney stated that IOC has not received any government orders to either stop or increase Russian oil purchases. He explained that the company’s procurement decisions are guided by price competitiveness and technical suitability for its refineries.
Discount-Linked Buying Strategy
According to Sahney, IOC adjusts its buying volumes depending on the discounts offered on Russian Urals crude. While the price gap narrowed from about USD 1.50 per barrel to USD 2.70 per barrel in recent weeks, imports have remained steady through July and August.
India Stands Firm Amid US Pressure
The United States recently raised tariffs on Indian exports, citing continued Russian oil imports as a factor. However, India maintains that its energy trade is lawful and essential to ensuring stable domestic fuel prices. Officials have reiterated that such decisions are made in the country’s economic interest and in compliance with international trade rules.
