India-Russia Oil Trade
Evolution and Geopolitical Dimensions
Before Russia's invasion of Ukraine in February 2022, Russian crude accounted for less than 1% of India's total oil imports. Following the invasion and Western sanctions, Russian crude became available at steep discounts (sometimes USD 20-30 per barrel below benchmark prices). India rapidly scaled up purchases, with Russia becoming India's largest crude supplier by 2023-2024 at approximately 36.3% of total imports (about 1.8 million barrels per day in 2024). This pivot generated massive cost savings for Indian refiners and consumers. The US responded with pressure on India to reduce Russian oil purchases — including sanctions on Indian entities and tariff linkages — leading to a significant decline in purchases in early 2026.
- Russia's crude share: <1% (pre-February 2022) → 36.3% (2024) → 21.2% (January 2026)
- Russian crude discount: typically USD 15-30/bbl below Brent benchmark (post-2022)
- US sanctions targets: Rosneft and Lukoil (Russia's two largest crude exporters)
- US-India trade deal linkage: India's reduced Russian oil purchases tied to tariff relief
- January 2026: ~1.1 million bpd from Russia (down ~23.5% month-on-month)
- India's total crude imports: ~5 million bpd (2024)
● Tracked since March 02, 2026 · last seen April 18, 2026 · updates as the daily brief publishes