China, India curb Russian oil purchases after Trump sanctions Rosneft, Lukoil
The US imposed sanctions on the Serbian-Russian NIS petroleum company on Oct. 9. AFP via Getty Images
China and India are retreating from buying Russian oil following President Trump’s decision to sanction two of Moscow’s largest energy exporters, Rosneft and Lukoil, on Wednesday.
According to a Thursday report from Reuters, China’s state-run petroleum companies — PetroChina, Sinopec, CNOOC, and Zhenhua Oil — have halted seaborne imports of Russian crude after the U.S. Treasury Department cited Moscow’s “lack of serious commitment to a peace process to end the war in Ukraine.” However, oil shipments through the pipeline linking Russia and China will continue for now.
In India, refinery giant Reliance Industries is reportedly scaling back its Russian crude purchases. A company spokesperson said Reliance had begun a “recalibration of Russian oil imports” but offered no further details. Together, China and India account for roughly 85% of Russia’s oil exports, according to the Center for Research on Energy and Clean Air. Analysts say that if both nations fully withdraw from doing business with Rosneft and Lukoil, Russia’s ability to fund its ongoing invasion of Ukraine could be permanently undermined.
Beijing criticized Washington’s move, with Chinese Foreign Ministry spokesman Guo Jiakun claiming the sanctions “have no basis in international law.”
The White House described the measures as part of a broader effort to pressure Russian President Vladimir Putin into meaningful negotiations to end the 32-month conflict in Eastern Europe. Plans for a potential peace summit between Trump and Putin in Budapest were scrapped earlier this week.
“We’d still like to meet with the Russians,” Secretary of State Marco Rubio said Wednesday before departing Joint Base Andrews for a trip to Israel. “I had a good call with Foreign Minister Lavrov, and we’ll follow up on that. We’re always going to be interested in engaging if there’s an opportunity to achieve peace.”
Rubio added that Trump had made clear he would act if progress toward peace stalled. “Today was the day he decided to do something,” he said.
Treasury Secretary Scott Bessent echoed that message, saying his department “is prepared to take further action if necessary to support President Trump’s effort to end yet another war.”
Meanwhile, the European Union announced its own measures Thursday, banning purchases of Russian liquefied natural gas and imposing sanctions on Chinese companies accused of supplying dual-use goods that help Moscow evade trade restrictions.
Putin sought to downplay the impact of the new sanctions, acknowledging they would have “certain consequences” but insisting they would not “significantly affect our economic well-being.”
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