India’s November imports of Russian crude set for 5-month high ahead of US sanctions deadline: Reports

India’s crude oil imports from Russia are reportedly on track to reach their highest level in five months in November, according to preliminary data cited from Kpler. Refiners are understood to have stepped up purchases ahead of a US deadline requiring buyers to halt transactions with designated Russian oil producers.

India, the world’s third-largest oil importer, has emerged as the leading buyer of discounted Russian seaborne crude since Moscow faced widespread restrictions from Western nations following its 2022 invasion of Ukraine.

Russian President Vladimir Putin is expected to visit India next month, as per Kremlin officials. His last visit to the country was in December 2021, shortly before launching the military offensive in Ukraine.

Western governments including Britain, the European Union and the United States have continued tightening sanctions on Russia over the conflict. Washington’s latest measures reportedly target major Russian energy firms, including Rosneft and Lukoil.

Buyers were given time until November 21 to wind down dealings with these sanctioned producers, prompting a surge in last-minute orders from Indian refiners, according to industry sources.