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India's Russian Crude Imports Dip Amid US Sanctions
17 Jan
Summary
- Indian Oil and Nayara Energy significantly increased Russian crude purchases this month.
- Overall Russian oil imports by India fell 30% compared to last year.
- US sanctions have reduced the number of Indian buyers for Russian crude.
State-run Indian Oil Corporation and Rosneft-backed Nayara Energy have significantly increased their purchases of Russian crude oil this month, driven by deepening discounts. Despite these individual increases, India's total imports of Russian crude have declined approximately 30% compared to last year, averaging 1.18 million barrels per day in the first half of January 2026. This reduction is largely attributed to US sanctions impacting the buyer pool.
Indian Oil is now the largest buyer, accounting for about 43% of Russian crude shipped to India, with its highest average intake since May 2024. Nayara Energy, now entirely reliant on Russian oil, is the second-largest buyer, with its imports at their highest in at least two years. Bharat Petroleum Corporation has also maintained its intake.
Conversely, Reliance Industries, previously the largest buyer, has stopped receiving any Russian cargoes. Other major refiners like Hindustan Petroleum Corporation and Mangalore Refinery & Petrochemicals Ltd have also abstained from Russian oil. These shifts have led Russian suppliers to offer discounts of $5-6 a barrel on Urals crude, up from about $2 previously.
