Even as the sanctions on Rosneft and Lukoil by the US threaten to upend India’s crude oil import strategy, the next 30 days are expected to witness a flurry of deals with refiners topping up on cargoes from Moscow. The two Russian oil giants account for more than 70 per cent of Russia’s crude cargoes to India.

Sanctions by the US Office of Foreign Assets Control (OFAC) against the two oil majors, which is President Donald’s Trump’s first major action on Russia during his second term, will kick-in on November 21, 2025.

Near-term effects

Global real time data and analytics provider Kpler said, “India will feel near-term effects as sanctions effectively turn Russian oil molecules — at least from these two entities — into a sanctioned commodity, shifting the market dynamic from one of influ

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