However, Putin appeared ready for talks. Putin said, 'Dialogue is always better in any conflict or dispute. We have always supported continuing dialogue.'
Actually, after the proposed Trump-Putin meeting on October 22 was cancelled, America imposed sanctions on Russia's two biggest oil companies Rosneft and Lukoil. The aim is to stop funding that Russia is receiving for the war.
Putin criticized Trump's move and spoke about deteriorating relations. In fact, Trump wanted to build good relations with Russia at the beginning of his term, but he was angry with Putin for repeatedly refusing ceasefire in the Ukraine war.
Putin says, US sanctions will increase oil prices
Putin further said that sanctions on Russian oil will reduce supply, which will lead to increased oil prices. He had discussed this with US President Donald Trump. Putin said that reduction in Russian oil could make oil expensive not only in Russia but also in America and the whole world.
Meanwhile, the US Treasury Department said that Russia is not serious about stopping the war, therefore these sanctions have been imposed. This decision has effectively blocked all assets and interests of these companies falling under US jurisdiction.
Sanctions on 2 Russian companies and 36 subsidiary companies
Rosneft is a state-owned company that specializes in oil exploration, refining and sales. While Lukoil is a privately owned international company that works in oil and gas exploration, refining, marketing and distribution both in Russia and abroad.
Sanctions have also been imposed on 36 subsidiary companies in which these two companies have direct or indirect shareholding of 50% or more.
According to The Guardian newspaper report, half of Russia's crude oil is exported from these two companies. The impact of sanctions could lead to a 5 percent increase in global oil prices. The European Union has also decided to impose sanctions on Russian LNG gas.
Sanctions on Russian companies will come into effect from November 21
The US Treasury has given time until November 21, 2025. During this period, other companies will have to terminate transactions with Rosneft and Lukoil. If not complied with, fines, blacklisting or trade restrictions may be imposed
Oil import deal of 25 million tons between Reliance-Russian Rosneft
Indian businessman Mukesh Ambani's Reliance Industries Limited (RIL) and Russian state oil company Rosneft have had strong business relations for a long time.
Reliance is India's largest Russian crude oil buyer, handling about half of the total imports coming from Russia.
Reliance signed a deal with Rosneft in December 2024 to import 500,000 barrels per day (25 million tons annually) of crude oil for 25 years. Its value is $12-13 billion annually.
Report claims - India will reduce oil purchases from Russia
Meanwhile, after Trump's sanctions, it was claimed on Thursday that Indian refiners may reduce imports of Russian oil. Reuters reported in its report that refining company Reliance is adjusting its Russian oil purchases according to government guidelines. Government companies are also checking shipments.
US President Donald Trump is pressuring India to stop buying oil from Russia. Trump claimed on October 19 that he had spoken to Prime Minister Modi. The Prime Minister told him that they would stop buying crude oil from Russia.
Trump's claim regarding India's Russian oil purchase
- October 15: I spoke with Prime Minister Narendra Modi today. He assured me that India will not buy oil from Russia, this is a big step.
- October 17: India will not buy oil from Russia, they used to buy 38% and now they are 'pulling back'.
- October 19: I spoke with Prime Minister Modi and he said they won't buy oil from Russia. If they want to say the conversation didn't happen, they'll have to pay heavy tariffs and they won't have to do that.
- October 21: I spoke with Modi. He assured me that India will reduce oil purchases from Russia. He wants the war to end, just like I do."
In September, India bought 34% oil from Russia
Despite Trump's claims, Russia remains India's largest oil source. According to data from commodity and shipping tracker Kpler, in September alone New Delhi took a 34 percent share of incoming shipments. However, imports saw a 10 percent decline in the first eight months of 2025.
According to agency data, India imported an average of 1.72 million barrels per day (bpd) of crude oil from Russia in August 2025. Meanwhile, in September this figure decreased slightly to 1.61 million bpd.
According to experts, this reduction was made due to US pressure and to bring diversification in supply. In contrast, private refinery companies like Reliance Industries and Nayara Energy have increased their purchases.
Oil will have to be taken from middle east countries
Russian oil was cheap, now oil will have to be taken from countries like the Middle East or America, which are expensive. Russian oil had a large share in India's total imports, so refining costs will increase and this may also affect petrol-diesel prices.
India imports more than 80% of its oil needs. Most oil is purchased from countries like Iraq, Saudi Arabia and America apart from Russia. If oil imports from Russia have to be stopped, then it will have to increase its imports from other countries.
- Iraq: After Russia, it is India's second largest oil supplier, providing approximately 21% of our imports.
- Saudi Arabia: Third largest supplier, which supplies 15% of our oil needs (about 7 lakh barrels per day).
- USA: In January-June 2025, India imported 2.71 lakh barrels of oil daily from America, which is double from the previous period. In July 2025, America's share in India's oil imports reached 7%.
- South African countries: Nigeria and other South African countries also supply oil to India, and government refineries are turning towards these countries.
- Other countries: Murban crude from Abu Dhabi (UAE) is a major option for India. Additionally, India has also started importing oil from Guyana, Brazil, and other Latin American countries. However, buying oil from these sources is generally more expensive compared to Russian oil.
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