**Indian refineries are preparing for a possible reduction in Russian oil purchases due to new US sanctions.** There will be a large-scale reduction. We don’t expect production to drop to zero immediately, as some barrels will enter the market before the deadline. Reliance Industries, India’s largest direct buyer of Rosneft, plans to reduce or completely stop importing it. State-owned refineries are also reviewing oil trade documents with Russia to ensure there are no direct supplies from Rosneft and Lukoil, which Trump has sanctioned. Indian state-owned refineries rarely buy Russian oil directly from Rosneft and Lukoil, as they usually make purchases through intermediaries.