India’s crude oil imports from Russia witnessed a significant decline in February, reaching their lowest level since January 2023. The downturn follows the latest round of sanctions imposed by the United States and the United Kingdom on Russian energy firms and oil tankers, which have disrupted shipments to major buyers.
According to data from Kpler, cited by Bloomberg, India’s crude imports from Russia dropped by 14.9% compared to the previous month, averaging around 1.4 million barrels per day in February. The drop in Russian supplies was offset by increased purchases from other oil-exporting nations, primarily Iraq and Saudi Arabia. Iraqi shipments to India saw an 8.3% rise, while Indian refiners also turned to Nigeria, Angola, Mexico, and Colombia to compensate for the shortfall.
The decline in Russian crude imports comes in the wake of fresh sanctions imposed in January by Washington and London. These measures targeted major Russian oil producers such as Gazprom Neft and Surgutneftegas, as well as 183 tankers involved in transporting Russian crude. The restrictions have had a direct impact on India, the world’s third-largest oil importer, which heavily depends on seaborne shipments for its energy needs.
Despite the sanctions, Moscow has reaffirmed its commitment to supplying oil to global markets, including India. Speaking in New Delhi last month, Russian First Deputy Energy Minister Pavel Sorokin stressed that Russia remains determined to maintain its energy trade. “We are pragmatic. We value our relationships, and we will continue to supply the market. Our resources are competitive from an economic standpoint,” Sorokin stated.
In addition to crude oil, Sorokin indicated that Russia aims to boost its liquefied natural gas (LNG) shipments to India. Currently, India sources nearly half of its LNG demand from Qatar and the US, and Moscow sees an opportunity to expand its market share in the country’s growing energy sector.
Analysts predict that India’s crude oil imports from Russia may decline further in the coming months as sanctions continue to limit Russian export capabilities. Indian refiners are likely to diversify their sources further, strengthening energy ties with Middle Eastern, African, and Latin American producers.
