India Holds Line on Russian Oil With Trump’s Tariffs in Question

Indian refiners are keeping Russian oil purchases to a minimum after a US Supreme Court ruling at the end of last week threw into question a long-awaited trade deal that would cut tariffs in exchange for halting those imports.

Processors have remained on the sidelines and are not booking cargoes as they seek clarity from the Indian government on the future of Russian crude buying, said people familiar with the matter, asking not to be identified due to the sensitivity of the situation. Purchases have already declined over recent months following sustained US pressure on the trade.