India maintains strong Russian oil imports despite western sanctions pressure |
India’s imports of Russian crude oil are expected to remain largely steady in December, defying expectations that recent US and European sanctions would significantly disrupt trade flows between New Delhi and Moscow. According to a Reuters report dated December 17, Indian refiners have adapted quickly to new punitive measures by shifting purchases to non-sanctioned Russian entities and taking advantage of deep discounts that continue to make Russian oil commercially attractive.
The resilience of these imports underscores a broader reality: despite sustained pressure from Washington and Brussels to isolate Moscow over the Ukraine conflict, Russia remains a central pillar of India’s energy security strategy. Rather than curtailing purchases, India appears poised to maintain – and potentially even increase – its intake of Russian crude by the end of the month.
Market data cited by Reuters suggests that India’s purchases of Russian oil are likely to exceed 1.2 million barrels per day (bpd) in December. One trade source went further, indicating that imports could rise to an average of 1.5 million bpd by month’s end. If realized, such levels would reinforce Russia’s position as India’s single largest crude oil supplier, a status it has held since 2022.
India imported approximately 1.77 million bpd of Russian oil in November, a 3.4% increase compared to October. These figures illustrate that, far from retreating under sanctions pressure, trade volumes have remained resilient and in some cases continue to grow.
This continuity is particularly striking given the scale of recent Western measures. On October 22, the United States announced sanctions targeting Russia’s two largest oil producers, Rosneft and Lukoil. Companies were given until November 21 to wind down dealings with these firms. The........