Indian OMCs seen resilient to sanctions on Russian oil: Fitch

CHENNAI: India’s state-run oil marketing companies are expected to withstand the impact of fresh US sanctions on Russian energy giants Rosneft and Lukoil, as well as the European Union’s ban on refined products derived from Russian crude, according to Fitch Ratings.The rating agency said the measures are unlikely to materially affect refining margins or the credit profiles of rated Indian OMCs, though the eventual impact will hinge on the duration and strictness of sanctions enforcement.

Russia supplied about 33% of India’s crude imports between January and August 2025, and its discounted price has supported Indian OMCs’ EBITDA and profitability.