Some Indian refiners are preparing to cut Russian oil imports, three sources told Reuters on Thursday, after U.S. President Donald Trump said India had given an assurance it would stop its buying to help end the war in Ukraine.

Donald Trump has claimed India will stop buying oil from Russia as part of the US’s push to cut Moscow’s energy revenues.

For India, the savings from discounted Russian oil remain modest - under 1% of India's $900bn goods and services import bill - but still add up to a substantial $9bn.

The shadow fleet of unmarked tankers evading international sanctions to deliver Russian crude to India and China is straining trade talks.

India begins limited yuan payments for Russian oil as rupee-rouble trade slows, says Russia’s Deputy PM Alexander Novak.

The share of India’s oil imports from Russia has risen significantly from 2% in 2022 to 35% now - and figures released by data and analytics firm Kpler show that in volume terms purchases have remained largely steady throughout this year.

Lukoil and Rosneft were designated under the Britain’s Russia sanctions laws for what London described as their role in supporting the Russian government. They are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.

The UK has imposed fresh sanctions on 90 entities, including Indian firm Nayara Energy, to cut off Russian oil revenues. These measures aim to weaken Putin's financial resources amid the ongoing Ukraine conflict.