New Delhi: US sanctions on Rosneft and Lukoil, along with the EU’s ban on refined products derived from Russian crude, are unlikely to materially dent the margins or credit profiles of India’s state-run oil marketing companies, Fitch Ratings said.

The ratings agency warned, however, that the eventual impact will hinge on how long the sanctions last and how strictly they are enforced.

Russian crude made up about a third of India’s oil imports between January and August 2025, and its discounted rates have been a key boost to OMC profitability.

Fitch expects the companies to adhere to sanctions, though some refiners may continue sourcing unsanctioned Russian barrels.

Traditionally reliant on Middle Eastern oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion.........

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