This special report focuses on the Trump administration’s latest sanctions against Russian energy giants Rosneft and Lukoil and the significant implications for India’s energy security. The discussion also concerns the future of a major long-term oil import deal between India’s Reliance Industries and Rosneft. US President Donald Trump said: “I spoke with Prime Minister Modi today, as I mentioned, and we have a very good relationship. And he’s not going to buy a lot of oil from Russia.” The sanctions, announced in October 2025, block access to US dollar financing and have forced Indian refiners, including formerly top importer Reliance, to suspend pacts and seek alternative supplies from the Middle East, the US and other regions. This marks a sea change for India’s energy sources, which have seen dependence on Russian oil rise to 39% by mid-2024.
