World Business Report Will Putin's visit to India help Russia to continue to trade oil?
Dec 4, 2025
Bill Browder, a global transparency campaigner and leader of the Magnitsky campaign, joins oil trader Sumit Ritolia to discuss the implications of Putin's trip to India. They explore how sanctions are crippling Russia's oil economy and the strategic importance of continued Indian purchases. Ritolia provides insights into India's short-term import trends and how new intermediaries are allowing Russian crude to flow, while Browder emphasizes the urgency of sustained sanctions to weaken Russia's wartime finances.
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India Emphasises Trade Over Politics
- India frames Putin's visit as strengthening trade and strategic ties rather than a political endorsement.
- Public voices in Delhi highlight oil access and longstanding friendship as key motivations.
Front-Loading And New Intermediaries
- Sanctions on Rosneft and Lukoil prompted Indian refiners to front-load imports before deadlines.
- Sumit Ritolia expects a short-term 30–35% dip but sees new intermediaries replacing sanctioned sellers.
Oil Revenues Fuel Russia's War
- Bill Browder argues oil revenues are central to Russia's warfighting capacity and sanctions are reducing those revenues.
- He claims sanctions cause domestic pain and force buyers to demand steep discounts to take risks.