
📋ISW (8/2) — Indian oil refineries reportedly continue to import Russian crude oil despite US President Donald Trump’s imposition of 25 percent tariffs on India’s exports to the United States. 📌Reuters reported on August 2 that sources in the Indian government stated that India will keep purchasing Russian oil. Reuters reported that Indian government sources stated that there are long-term oil contracts that prevent an immediate halt in Russian oil imports and that India's continued import of Russian oil has helped stave off a global surge in oil prices. Indian outlet ANI reported on August 2 that Indian oil refineries continue to source oil from Russian suppliers due to “price, grade of crude, inventories, logistics, and other economic factors.” 📌Indian Foreign Ministry Spokesperson Randhir Jaiswal stated that Russia and India have a "steady and time-tested partnership" and that India sources its energy needs based on "what is available in the markets and... prevailing global circumstances." 📌ISW previously assessed that European and US sanctions appeared to be degrading Russia's revenues from third-country importers of Russian oil and that sanctions that target countries that purchase Russian oil would further hinder Russia's ability to finance its war in Ukraine. India is one of the largest importers of Russian oil, and continued third-state purchases of Russian oil in the face of Western sanctions will significantly limit the effectiveness of these economic measures to affect Russia's war effort.