India has emerged as one of the largest importers of Russian crude oil since the onset of the Ukraine war, spending approximately ₹1.15 lakh crore on purchases. This significant shift in India’s energy sourcing comes as Western sanctions on Russia have led to discounted oil prices, making Russian crude an attractive option for non-Western buyers.
According to a report by the Centre for Research on Energy and Clean Air (CREA), India, the world’s third-largest oil consumer and importer, has dramatically increased its imports of Russian crude oil. The share of Russian oil in India’s total crude imports surged from less than 1% before the war to nearly 40% in recent months. This shift has reduced India’s reliance on traditional suppliers from the Middle East.
China, however, has surpassed India as the largest buyer of Russian fossil fuels, spending an estimated €235 billion (approximately ₹2.1 lakh crore) since the conflict began. India’s total fossil fuel imports from Russia, including coal and gas, amount to €205.84 billion.
Despite the benefits of discounted oil, recent U.S. sanctions have impacted India’s imports, particularly shipments carried by sanctioned vessels or insured by restricted entities. Nevertheless, Russia remains India’s top oil supplier, with February imports recorded at 1.48 million barrels per day.
This development underscores the evolving dynamics of global energy trade, as nations navigate geopolitical tensions and shifting economic priorities. India’s strategic decision to capitalize on discounted Russian crude highlights its focus on securing energy affordability and supply stability amid global uncertainties.
