Indian state-backed refiner HPCL-Mittal Energy Limited (HMEL) has announced that it has stopped purchasing crude oil from Russia following new international sanctions imposed on Moscow’s energy sector.
The company confirmed that the decision was made after the United States, the European Union, and the United Kingdom introduced fresh restrictions targeting Russian oil giants, including Rosneft and Lukoil.
In a statement cited by Reuters, HMEL explained that it “had already taken the decision to suspend further purchases of Russian crude” to ensure compliance with global regulations. The company said it would honour existing contracts but would not place new orders until the situation becomes clearer.
The refiner clarified that its last shipment of Russian crude was sold on a delivered basis, which meant it had limited control over the vessel used for transportation. HMEL added that the ship involved “was not under sanctions at the time of delivery,” stressing that it always adheres to both Indian and international laws.
The company also noted that it would continue reviewing its position in line with directives from the Indian government and the evolving global sanctions framework. Industry analysts say the move reflects the growing caution among Indian refiners as they navigate the complex geopolitical tensions surrounding Russian energy exports.
India has been among the top importers of Russian oil since 2022, taking advantage of discounted prices after Western buyers reduced their purchases due to the war in Ukraine. However, recent U.S. sanctions have forced several Indian refiners to reassess their buying strategies, with some exploring alternative suppliers in the Middle East and Africa.
Experts predict that India’s refiners will likely diversify their sources further to maintain steady fuel supplies while staying compliant with global trade rules. The decision by HMEL could mark a broader shift in India’s approach to Russian oil amid rising international scrutiny.
