President Donald Trump says Indian Prime Minister Narendra Modi has personally assured him that India will stop buying Russian oil.

By Nidhi Verma NEW DELHI (Reuters) -Indian refiners are poised to sharply curtail imports of Russian oil, industry sources said on Thursday, following new U.S. sanctions on two major Russian producers aimed at squeezing Moscow's revenue to fund its war in Ukraine.

For state-run refiners, the new sanctions are likely to have a limited impact since they do not have long-term supply contracts with the Russian firms targeted by the latest curbs.

Private sector refining giant Reliance Industries (RIL), which alone accounts for around half of India’s Russian oil imports and sources a bulk of its Russian oil purchases from Rosneft under term deal,

Any recalibration means... paying more for alternative oils,” one expert said. Read more at straitstimes.com. Read more at straitstimes.com.

India's crude import costs rise sharply as Russian supply declines, impacting refining margins amid geopolitical pressures, reports Kotak.