India continued to depend heavily on Russian crude oil in October, spending €2.5 billion, the same amount as in September. This makes India the second-largest buyer of Russian crude after China.
Key Highlights
- Total crude received from Russia in October: 60 million barrels (CREA data)
- Main suppliers: Rosneft and Lukoil, together delivering 45 million barrels
- US sanctions: On October 22, the US imposed sanctions on Rosneft and Lukoil to reduce Russia’s war-time revenue
- Impact on India: Major refiners like Reliance, HMEL, and MRPL have temporarily paused imports from these sanctioned producers
Why It Matters
Even with rising global sanctions pressure, India’s Russian oil imports stayed strong in October. Spending remained stable, and import volumes continued at high levels. This shows how important discounted Russian crude still is for India’s energy needs.
Conclusion
India’s monthly oil imports from Russia did not decline despite sanctions on major suppliers. The coming months will show whether refiners fully shift away from Rosneft and Lukoil or resume purchases based on market conditions and pricing.
