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The United States, which last year imposed tariffs on India due to its purchases of Venezuelan oil, has told New Delhi that it can soon resume such imports. This step is intended to help offset the reduction in India’s purchases of Russian crude, Reuters reported citing three sources speaking on condition of anonymity.

In response to additional US tariffs linked to its Russian oil imports, India has committed to significantly cutting back on those purchases. The country is expected to reduce its Russian crude imports by several hundred thousand barrels per day over the coming months.

In March 2025, President Donald Trump announced a 25 % tariff on trade with any country that buys Venezuelan oil, including India, and his administration intensified pressure on Venezuelan President Nicolas Maduro, who was captured by US forces on January 3.

India emerged as a major purchaser of Russian crude oil following Russia’s 2022 invasion of Ukraine, which led to Western sanctions on Moscow and the availability of steep discounts on Russian supplies.

Subsequently, under President Donald Trump, the United States imposed tariffs on Indian goods, escalating them to as high as 50% by August 2025. This increase resulted from an initial levy combined with an additional 25% tariff specifically tied to India’s continued purchases of Russian oil.

Union Minister for Petroleum and Natural Gas said last week, “India is diversifying its crude sources as Russian oil imports fall.” However, he did not address any details of Venezuelan supplies.

Analytics firm Kpler’s data shows that in the first half of January, India imported an average of 1.18 million barrels per day from Russia. This is nearly 30% lower than the same period last year and below the 2025 monthly average. Compared with December 2025, imports are down by around 3%.

US sanctions have reduced the number of Indian companies purchasing Russian crude oil. So far this month, only three refiners—Indian Oil Corporation (IOC), Nayara Energy, and Bharat Petroleum Corporation Limited (BPCL) have imported Russian crude.

Reliance Industries has not imported any Russian crude oil this month. Other Indian refiners that have abstained from purchases include Hindustan Petroleum Corporation Limited (HPCL), HPCL-Mittal Energy Limited (HMEL), and Mangalore Refinery and Petrochemicals Limited (MRPL).

In response to reduced demand from certain buyers in India and China, Russian oil suppliers have significantly widened discounts on their crude grades. Industry sources report that the current discount on Russian Urals crude delivered to Indian ports has increased to approximately $5–6 per barrel. This compares with a much narrower discount of around $2 per barrel prior to the US sanctions imposed on Rosneft and Lukoil in October.