India has resumed purchases of Sokol crude from Russia after a brief two‑month pause, a move reported by Reuters based on sources familiar with the matter. The development signals a renewed flow of light, sweet crude into India’s refining network and reflects adjustments in how India sources crude amid shifting market dynamics.
According to information obtained, at least two Indian refineries accepted deliveries of this grade of crude within the current month. Hindustan Petroleum Corp Ltd (HPCL) stands among the buyers, indicating that the imports are entering the supply chain through established state‑linked and private refineries. Payments for Sokol are expected to be settled in UAE dirhams, a detail that aligns with existing arrangements seen in recent Russian crude trades and suggests a preference for broader currency settlement channels in these transactions.
The cargo, carried by the Seagull, amounted to approximately 95,000 tons of Sokol and was unloaded at the western Indian port of Mumbai on February 13, according to ship-tracking data compiled by the London Stock Exchange group and cited by Reuters. This arrival underscores India’s ongoing demand for light, low‑sulfur crude that can be efficiently processed in domestic refineries to meet both industrial and consumer energy needs.
Indian Petroleum and Natural Gas Minister Hardeep Singh Puri commented in February that keeping global crude prices affordable for the country involves careful sourcing and strategic procurement, including the potential for purchases from Russia when price and supply conditions are favorable. The minister’s remarks reflect a broader policy stance aimed at balancing energy security with domestic price stability in a volatile global market.
Earlier, Bharat Petroleum Corp Ltd (BPCL) stated that it had not accepted a purchase of premium Russian crude Sokol due to payment arrangements. BPCL explained that payments for Sokol do not pass through intermediary banks, highlighting the procedural choices refineries make to manage settlement risk and liquidity in cross-border deals.
Beyond individual deals, industry observers have noted a shift toward more localized trading patterns in the oil market, a trend partly driven by disruptions in the Red Sea region. The evolving logistics landscape has prompted refiners to reassess supply routes, logistics costs, and risk exposure, prompting greater attention to regional sourcing and in-house risk controls.