India's Russian Oil Imports Set to Hit Lowest Level Since 2022 Amid US Sanctions
India's imports of Russian crude are projected to fall to 1.1 million barrels per day (bpd) in December, marking a three-year low, primarily due to intensifying U.S. sanctions. Imports briefly plunged mid-month before recovering. While some refiners, including Reliance Industries, adjusted purchases due to sanctions on Lukoil and Rosneft, volumes are expected to rise again in January as India’s largest refinery resumes deliveries and Nayara Energy postpones refinery maintenance.
India’s imports of Russian crude oil are poised to drop to approximately 1.1 million barrels per day (bpd) in December, the lowest volume recorded since 2022. This significant decline is largely a consequence of escalating U.S. sanctions pressure on Russia’s oil sector. Data from Kpler indicates that imports plummeted to 712,000 bpd during the second week of December, although they rebounded somewhat later in the month. Key Indian refiners have altered their buying patterns; HPCL-Mittal Energy’s Mundra terminal experienced reduced deliveries, and Mangalore Refinery and Petrochemicals did not purchase any Russian barrels for the first time since September 2022.In November, India's Russian oil imports stood at 1.77 million bpd. A prior dip to 1.59 million bpd occurred in July following threats of 100% tariffs from former U.S. President Donald Trump, though volumes later recovered as some state-owned refiners resumed acquiring discounted Russian crude. More recently, Reliance Industries, India’s largest refiner, halted purchases in October after new U.S. sanctions targeted Lukoil and Rosneft, but has since resumed imports from non-blacklisted suppliers. Looking forward, there is potential for import volumes to increase again in January, with India's largest refinery expected to resume deliveries. Furthermore, Rosneft-backed Nayara Energy's decision to postpone scheduled maintenance at its Vadinar refinery from early 2026 could also contribute to higher future imports, according to Bloomberg.
