Indian refineries have begun canceling Russian oil shipments to avoid U.S. sanctions targeting energy giants Lukoil and Rosneft, according to Reuters.
Several previously booked cargoes have already been scrapped after banks refused to process payments for sanctioned goods.
Major Indian refiner Reliance Industries confirmed it will fully comply with the new restrictions, halting transactions linked to blacklisted entities.
The move marks a significant shift for India, which had become one of Russia’s largest crude buyers since the Ukraine war.
Analysts warn the cancellations could tighten global supply and increase pressure on Moscow’s oil export revenues.
