Where Russian oil prices stand against rivals

Russian oil share in India and margin impact

India’s refining margins gain from Russian oil

Reliance balances Russian crude and US exports

India halts Russian oil, who fills the gap?

India Russia oil trade are discounts still on

Why US objects to India buying Russian oil?

US accuses India refiners of profiteering

Can US pressure sway India on Russian oil?

Conclusion

Credits

Three years after the Ukraine war began, India has become one of Russia’s largest oil customers. From negligible imports before 2022, Russian crude now accounts for nearly a third of India’s oil basket delivering big savings for refiners and keeping fuel prices steady at home. But these benefits come with rising diplomatic costs, including pressure from Washington, the threat of higher tariffs, and accusations that India is profiteering by exporting refined Russian crude back to Western markets. Host Anirban Chowdhury is joined by energy markets expert Vandana Hari and Nandan Unnikrishnan, Head of Euraisan Studies, Observer Research Foundation. Together, they examine how much Indian refiners truly gain from Russian discounts, whether those margins are sustainable as sanctions tighten, what risks loom over India’s US trade ambitions, and how long New Delhi can balance its need for cheap energy with its strategic partnerships in the West.

You can follow Anirban Chowdhury on his social media: Twitter and Linkedin

Listen to Corner Office Conversation our new show:: Corner Office Conversation with Pawan Goenka, Chairman, IN-SPACe, Corner Office Conversation with The New Leaders of Indian Pharma and much more.

Check out other interesting episodes from the host like: Tariffs trump trade, Health Hazards in your Grocery Bag, Trump vs Harvard: India Impact, Explaining India’s Record FDI Freefall and much more.

Catch the latest episode of ‘The Morning Brief’ on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Youtube.


CREDITS: Firstpost, Broaderlines

Three years after the Ukraine war began, India has become one of Russia&rsquo;s largest oil customers. From negligible imports before 2022, Russian crude now accounts for nearly a third of India&rsquo;s oil basket delivering big savings for refiners and keeping fuel prices steady at home. But these benefits come with rising diplomatic costs, including pressure from Washington, the threat of higher tariffs, and accusations that India is profiteering by exporting refined Russian crude back to Western markets. Host Anirban Chowdhury is joined by energy markets expert Vandana Hari and Nandan Unnikrishnan, Head of Euraisan Studies, Observer Research Foundation. Together, they examine how much Indian refiners truly gain from Russian discounts, whether those margins are sustainable as sanctions tighten, what risks loom over India&rsquo;s US trade ambitions, and how long New Delhi can balance its need for cheap energy with its strategic partnerships in the West. You can follow Anirban Chowdhury on his social media: <a href="https://twitter.com/AnirbanET">Twitter</a> and <a href="https://www.linkedin.com/in/anirban-chowdhury-b5067219/?originalSubdomain=in">Linkedin</a>
Listen to Corner Office Conversation our new show:: <a href="https://podcasts.apple.com/in/podcast/corner-office-conversation/id1827451035?i=1000718205446">Corner Office Conversation with Pawan Goenka, Chairman, IN-SPACe</a>, <a href="https://podcasts.apple.com/in/podcast/corner-office-conversation/id1827451035?i=1000720534576">Corner Office Conversation with The New Leaders of Indian Pharma</a> and <a href="https://podcasts.apple.com/in/podcast/corner-office-conversation/id1827451035">much more</a>.
Check out other interesting episodes from the host like: <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000702130670">Tariffs trump trade</a>, <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000712174615">Health Hazards in your Grocery Bag</a>, <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000710947447">Trump vs Harvard: India Impact</a>, <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000710014158">Explaining India&rsquo;s Record FDI Freefall</a> and <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777">much more</a>.
Catch the latest episode of &lsquo;The Morning Brief&rsquo; on <a href="https://www.etplay.com/etplay">ET Play</a>, <a href="https://economictimes.indiatimes.com/podcast?from=mdr">The Economic Times Online</a>,<a href="https://open.spotify.com/show/6PL5kfPbwURBEu6fHCVTOL?si=26ec0fbfa7134fea"> Spotify</a>, <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777">Apple Podcasts</a>, <a href="https://www.jiosaavn.com/shows/the-morning-brief/1/GNPiFQD2xpY_">JioSaavn</a>, <a href="https://music.amazon.in/podcasts/f378141f-9afb-495d-83da-9b08ec5047ac/the-morning-brief">Amazon Music</a> and <a href="https://www.youtube.com/@theetpodcasts">Youtube</a>.
 CREDITS: <a href="https://www.youtube.com/watch?v=B6zvXqm93rM">Firstpost</a>, <a href="https://www.youtube.com/shorts/ZbPtfTVbHgo">Broaderlines</a>

To make sense of the week’s hottest stories in business, economy, politics and markets, journalists from the Economic Times chat with reporters and industry leaders in this thrice-weekly (Tuesday, Thursday, Friday) podcast.

The Morning Brief

Why Is India Still Buying Russian Oil?

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