India sharply ramped up its crude oil imports from Russia in March 2026, with purchases touching €5.3 billion, marking a significant rebound driven by easing supply constraints and shifting global energy dynamics.
According to recent data, India emerged as the second-largest buyer of Russian fossil fuels during the month, with total imports of Russian hydrocarbons reaching approximately €5.8 billion. Crude oil accounted for a dominant 91% share of these imports, underlining its central role in India’s energy basket.
Sharp Rebound After February Dip
The March surge represents a dramatic increase from February, when India imported Russian fossil fuels worth around €1.8 billion, with crude oil contributing about €1.4 billion.
Industry data indicates that India’s purchases of Russian crude more than tripled month-on-month, reflecting a rapid shift in sourcing strategy amid global uncertainties.
Sanctions Relief and Supply Disruptions Drive Demand
The spike in imports comes after a temporary US sanctions waiver, which allowed Indian refiners to procure Russian cargoes already in transit.
At the same time, escalating geopolitical tensions particularly disruptions in West Asia and constraints around key shipping routes like the Strait of Hormuz tightened global oil supplies, prompting India to turn back to Russian crude.
This combination of eased restrictions and supply disruptions made Russian oil an attractive option, especially given its relative availability and pricing flexibility.
State Refiners Lead the Buying Spree
The surge in imports was largely driven by state-run refiners, which moved aggressively to secure supplies amid volatile global markets. Analysts note that Indian refiners have been purchasing “all the Russian crude they can access” as supply risks from traditional sources increased.
India and China Dominate Russian Oil Demand
India’s renewed appetite for Russian crude places it firmly alongside China as one of the largest consumers of Russian energy exports. Together, the two Asian giants continue to dominate global demand for Russian oil, especially after Western sanctions reshaped trade flows following the Ukraine conflict.
Historically, India has significantly increased its reliance on Russian crude due to discounted pricing, making Russia one of its top suppliers in recent years.
Strategic Implications
The rebound in Russian imports highlights India’s pragmatic energy strategy, balancing geopolitical pressures with domestic energy security needs. As the world’s third-largest oil importer, India remains heavily dependent on foreign crude, sourcing a large portion of its requirements from global markets.
While overall crude imports saw a marginal decline in March, the sharp rise in Russian volumes underscores a broader shift toward diversified sourcing and opportunistic buying in response to global disruptions.
India’s threefold jump in Russian crude imports in March signals a decisive recalibration of its energy strategy. With geopolitical tensions reshaping supply chains and sanctions dynamics evolving, Russian oil continues to play a crucial role in meeting India’s growing energy demand at least in the near term.
