According to CNBC, energy analysts say that India’s state-owned refiners are continuing to purchase Russian oil. Last August, the United States imposed a 25% “secondary” tariff on India, citing the country’s continued imports of Russian oil, and in late November, it imposed sanctions on Russia’s Lukoil and Rosneft. Analysts point out that while India’s overall demand for Russian oil declined in December, this was primarily due to reduced purchases by Reliance Industries. State-owned refiners, known as Public Sector Units (PSUs), have to some extent offset the decline in Russian oil purchases. Muyu Xu, a senior crude oil analyst at tanker tracking firm Kpler, stated that state-owned enterprises such as Oil India and Bharat Petroleum “are still procuring Russian oil for future delivery through non-sanctioned suppliers.” Pankaj Srivastava of Rystad Energy said, “Despite the overall decline in imports, public sector refineries’ intake of Russian oil remains resilient, indicating a redistribution of demand rather than a collapse.”