India’s Russian oil imports to dip sharply, but uncertainty looms over how long decline will last

India has been one of the biggest beneficiaries of Western restrictions on Russian oil, becoming the top buyer of seaborne Russian crude

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India’s imports of Russian crude are set to fall to a near four-year low early next year after months of pressure from the US, though industry watchers say the drop may not last long as new workarounds and intermediaries emerge.

India has been one of the biggest beneficiaries of Western restrictions on Russian oil, becoming the top buyer of seaborne Russian crude. Imports touched a near-record 2.1 million barrels per day (bpd) in June—about 45 per cent of India’ total purchases. But shipments in January could plunge to around 600,000 bpd, the lowest since early 2022, as a result of the Trump administration’ aggressive push to curb Russian oil revenues and sanctions on major producers Rosneft and Lukoil, according to people familiar with the matter.