Russia's Novak on Potential India Oil Cuts: Only Statements So Far

Russian energy ties with India face scrutiny amid U.S. pressures and sanctions, but Novak projects stability. Recent data shows India's Russian crude imports declining from 36.4% of total in early 2025 to below 25% by early 2026 yet Novak focuses on demand drivers.

India has diversified to Middle East, Africa, and South America suppliers, with refiners like Reliance cutting volumes post-sanctions on Rosneft and Lukoil. Payments shift to rubles and yuan, underscoring resilient trade.

Key Highlights

• Demand Assurance: Novak: "Our commodity resources are in demand," economically beneficial for India.
• Public Statements Only: No firm actions seen beyond media reports on potential cuts.
• Import Trends: Russia supplied 87.5M tonnes (36.4%) in 7M 2025; now declining due to sanctions.
• Future Outlook: Confident in continued partnership despite U.S. tariffs and diversification.

Sources: Interfax, Reuters, Marketscreener, Economic Times