India's Mangalore Refinery and Petrochemicals Ltd. has halted import of Russian crude oil amid West's sanctions on big Russian oil refiners. The refinery is now looking to purchase Venezuelan oil, as per the company's head of finance Devendra Kumar.
"We are in strict compliance with all sanctions in place and currently there is no Russian crude being imported," Kumar said in a post-earnings analyst call on Monday.
The company's move comes in the backdrop of the European Union imposing elaborate sanctions to target Russia's energy revenues. The measures include restrictions on the import and sale of fuel produced from Russian crude oil.
Along the same lines, the US had also slapped sanctions on two of Russia's biggest oil refineries - Lukoil and Rosneft - in order to weaken the country's revenues amid its war against Ukraine.
MRPL exports approximately 40% of its refined oil output and operates a 500,000-barrel-per-day refinery in the southern state of Karnataka.
Also Read: India Slips To Third Among Russian Fossil Fuel Buyers In Dec 2025; Reliance Cuts Imports
According to Kumar, the company does not expect anything to disrupt its export of finished products in the near-term, and that higher margins on refined fuel exports are offsetting the loss of Russian oil.
Kumar added that MRPL is actively mulling purchase of Venezuelan oil if freight rates among other commercial aspects are favourable.
MRPL Q3 FY26 Highlights
Mangalore Refinery posted strong earnings in the third quarter of FY26, as profit after tax more than quadrupled to Rs 1,445 crore, from Rs 304 crore in the year-ago period.
MRPL's revenue rose 16% to Rs 29,720 crore, compared to Rs 25,601 crore in Q3 FY25, while earnings before interest, tax, depreciation, and amortisation came in at Rs 2,824 crore.
The robust growth was driven by higher revenues, improved margins and a sharp reduction in borrowings, as per the company's press release.
Also Read: India Russia Oil Trade May Dip Again, Stranding Cargoes at Sea
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