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India's Russian Oil Imports Defy Sanctions
20 Dec
Summary
- Rosneft supplied 820,000 bpd to India in early December.
- Russian crude accounted for 70% of India's imports from Moscow.
- New exporters emerged as Lukoil supplied no crude to India.
Rosneft continues to be India's largest supplier of Russian crude oil, even after US sanctions took effect last month. In the first half of December, Rosneft supplied 820,000 barrels per day to Indian refiners, constituting approximately 70% of India's total Russian oil imports during that period. This volume significantly impacts India's energy landscape.
State-run Indian Oil was the leading buyer of Russian crude, with Reliance Industries and Nayara Energy also procuring substantial amounts. Notably, Lukoil, another sanctioned entity, supplied no crude, while lesser-known Russian exporters like RusExport and MorExport emerged, collectively supplying 330,000 barrels per day. These continued transactions are described as part of pre-existing deals being concluded in a sanction-compliant manner.
Despite initial statements from some refiners about avoiding sanctioned entities, Rosneft's sustained supply, particularly to Nayara, highlights ongoing import dynamics. Analysts suggest the US may not strictly enforce sanctions on major buyers like India and China, especially given the desire to maintain low gasoline prices. Overall Russian oil imports to India in early December saw a decrease compared to November.
