Indian state-backed refiner HPCL-Mittal Energy (HMEL) has suspended purchasing Russian crude—following U.S. sanctions on Moscow’s two largest oil firms.
The joint venture, part-owned by steel magnate Lakshmi Mittal and state-run HPCL, said the move aligns with Indian government and energy security policies.
The decision comes amid mounting pressure from the U.S. and European Union as Washington seeks to curb India’s imports of discounted Russian oil, which it claims subsidizes Moscow’s war in Ukraine.
HMEL said previous Russian shipments were delivered legally and that it had limited control over the transport vessels, whilst the Indian government has defended its sovereigntist approach to energy policy.
