State-run Indian Oil Corp and Rosneft-backed Nayara Energy have increased their purchases of Russian crude in January. This comes even as India’s overall imports from Russia have declined under US sanctions.Reliance Industries, India’s largest buyer over the past year, along with several other refiners, has not received any supplies this month. This leaves Indian Oil, Nayara and Bharat Petroleum Corporation (BPCL) as the main importers so far, according to ET.India’s imports of Russian oil averaged 1.18 million barrels per day in the first half of January, down about 30 per cent from both the same period last year and the 2025 average, according to Kpler, a global real-time data and analytics provider. Imports were roughly 3 per cent lower compared with December 2025.US sanctions have significantly narrowed the buyer pool for Russian crude, restricting shipments to just a few Indian refiners. Indian Oil received about 500,000 barrels per day, accounting for nearly 43 per cent of total Russian crude shipped to India. This was Indian Oil’s highest average intake since May 2024 and 64 per cent higher than its 2025 average.Nayara Energy, which has become fully reliant on Russian oil since being sanctioned by the European Union last year, was the second-largest buyer in January. Its imports of approximately 471,000 barrels per day—about 40 per cent of Russian volumes shipped to India this month—were the highest in at least two years and 56 per cent above its 2025 average intake. BPCL received around 200,000 barrels per day, slightly above its average of 185,000 barrels in 2025.Other major refiners, including Hindustan Petroleum Corporation, HPCL-Mittal Energy Ltd, Mangalore Refinery & Petrochemicals Ltd and Reliance Industries, did not receive any Russian cargoes in the first half of January.Reduced demand from some Indian and Chinese buyers has prompted Russian suppliers to increase discounts on crude. Industry executives said discounts on Russia’s flagship Urals crude for delivery to Indian ports now trades at $5-6 per barrel, up from $2 before US sanctions on Rosneft and Lukoil last October.Indian Oil has increased its intake this month to take advantage of these discounts.Indian refiners began recalibrating their strategy on discounted Russian crude after the US criticised India’s purchases last year and threatened additional tariffs. Some refiners moderated imports after an additional 25 per cent tariff took effect in late August on Indian exports to the US.However, US sanctions on Rosneft and Lukoil have intensified caution among Indian refiners. Most have stopped receiving cargoes from sanctioned suppliers, with the exception of Rosneft-backed Nayara, according to industry executives. Reliance Industries, which has a term deal with Rosneft, has halted shipments from both Rosneft and other Russian suppliers, Kpler data showed.

US President Donald Trump is set to announce a plan that would let Americans use their retirement savings for down payments on homes.

National Economic Council Director Kevin Hassett, who hinted at the plan on Friday, offered few details about how withdrawals from US workplace retirement accounts – known as 401(k)s – would work.

“Suppose that you put 10% down on a home, and then you take 10% of the equity of the home and put it in as an asset in your 401(k). Then your 401(k) will grow over time,” Hassett said on Fox Business.

Trump will present a “final plan” at the Davos World Economic Forum next week, he added.

The White House did not immediately respond to a request for comment on the upcoming proposal, including the tax implications. Currently, employees who opt to withdraw money from retirement accounts typically incur fees and taxes.

The anticipated 401(k) plan is the latest in a slew of recent housing affordability proposals as Trump’s administration faces growing public pessimism about its handling of the economy.

Home affordability remains high on the list of Americans’ concerns. Trump has in recent weeks sought to allay voter anxiety ahead of midterm elections later this year, announcing a series of proposals aimed at addressing the high cost of housing.

Daryl Fairweather, the chief economist at Redfin, said using retirement funds for down payments won’t solve the housing affordability crisis. But it could help some people meet their current financial needs, and better position themselves for retirement.

“It doesn’t really drift that far from the purpose of 401(k)s, which is to encourage people to save money for these big expenses that they may not have the discipline to save for,” Fairweather said.

She compared it to a pandemic-era temporary policy that allowed people to access funds from their retirement accounts for down payments with fewer penalties.

Still, she said it would be concerning if people were to start draining their 401(k)s in order to buy a home. That home could eventually lose its value, putting them in a worse financial position.

Last week, Trump said he would move to ban big corporate investors from buying single-family homes, in a bid to make housing more affordable for Americans. That pledge bolstered an idea that has been circulating for years, though some analysts question the extent to which a ban would affect prices.

Jason Richardson, senior research director for the National Community Reinvestment Coalition, said that proposal and this latest plan, “sound good but don’t actually address the core affordability and supply problems in housing”.

Only about 55% of Americans have retirement accounts, of which only a subset are 401(k)s, according to government estimates. Low income workers are the least likely to have access to the plans.

“This isn’t a targeted assistance program for people who need help with down payments – it’s giving people who already have substantial retirement savings more purchasing power, which will likely just drive home prices up further,” he wrote in an email.

Trump also recently directed Fannie Mae and Freddie Mac, the government-backed housing finance firms, to buy $200bn (£149.4bn) worth of mortgage bonds. The move, he claimed, would push down mortgage rates.

An increase in purchases could boost demand for the so-called mortgage-backed securities, which could in turn help lower mortgage rates for borrowers.

The average rate on a 30-year mortgage fell below 6% for the first time in nearly three years following his announcement – “and that’s not with the help of the Fed,” Trump said during a speech in Michigan this week, referring to the Federal Reserve. The US central bank’s benchmark interest rate can indirectly affect mortgage rates.

On Friday, Hassett promoted Trump’s move to order bond purchases.

“We’ve seen a pretty big reaction to the announcement, and I think that actually makes us all feel better, because the truth is that fewer people are buying homes right now than we’ve seen pretty much in my lifetime,” he said.

But housing economists have cautioned that the bond purchases might not push mortgage rates substantially lower in the long run.

“The key now is the timing and cadence of these purchases, which will determine whether the impact is healthy or introduces volatility into the mortgage market,” said Jeff DerGurahian, head economist at loanDepot, a mortgage lender.