India, Russia
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India reduces Russian oil imports by 38% in October 2025, marking the sharpest decline in value and volume yet.
India's largest conglomerate Reliance Industries, owned by billionaire Mukesh Ambani, has stopped importing Russian crude oil for its export-only refining unit at Jamnagar in the western state of Gujarat.
India's Russian oil imports set to hit a three-year low in December due to tighter sanctions—read how refiners are adapting.
Higher palm oil imports by India, the world's largest buyer of vegetable oils, could help top producers Indonesia and Malaysia reduce their stocks and support benchmark Malaysian palm oil futures, while putting pressure on US soyoil futures.
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India Signals a 50% Cut in Russian Oil Imports Under U.S. Sanctions Pressure
India is preparing to cut Russian crude imports by about 50% as U.S. sanctions push refiners and banks to scale back purchases despite a final pre-deadline surge.