Chicago – Fenruary 08, 2026
The United States and India have taken a significant step toward strengthening economic ties, unveiling a framework for a bilateral trade agreement that both sides aim to finalize by March. The proposed pact is expected to reduce tariffs, expand market access, and boost overall economic cooperation between the two nations.
The development comes amid shifting dynamics in India’s energy sector, where major refiners are reconsidering their purchases of Russian crude oil.
According to industry sources, state-run refiners Indian Oil Corporation and Bharat Petroleum Corporation Limited, along with private sector giant Reliance Industries, are currently not entertaining new offers from traders for Russian oil shipments scheduled for March and April.
A trader familiar with the discussions confirmed that attempts to secure fresh deals for Russian crude were unsuccessful. However, refining sources noted that some Russian oil deliveries for March had already been arranged prior to the recent pause.
Most other Indian refiners have reportedly also stopped placing new orders for Russian crude, signaling a broader shift in procurement strategies.
