India's Russian Crude Imports Near Record Despite No US Sanctions Waiver
UPSC / SSC current affairs note · Economy
Why in news
India's crude oil imports from Russia remain near all-time highs in July 2026, averaging 2.45 million barrels per day, despite the US not extending a sanctions waiver. This highlights India's resilient and diversified sourcing strategy amid the US-Iran conflict and Strait of Hormuz disruptions.
Background
Before February 2022, Russian oil accounted for barely 2% of India's crude import basket. Between 2023 and 2025, Russia became India's largest crude source, contributing roughly one-third of imports. The US-Iran conflict and Strait of Hormuz closure have further reshaped global oil flows.
Key facts
India's crude oil imports from Russia in July 2026 averaged ~2.45 million barrels per day, near the all-time high of 2.64 million bpd in June 2026.
Russia has been India's largest crude oil supplier, shipping almost 300 million barrels in the 4.5 months since the US-Iran conflict began.
UAE is the second-largest supplier (617,000 bpd in July 2026), followed by Saudi Arabia (586,000 bpd).
Venezuela has entered India's top five crude suppliers.
India's crude procurement strategy is described as flexible and well-diversified, ensuring supply resilience despite Middle East disruptions.
Indian refiners have secured replacement cargoes while maintaining favorable refinery economics.
Before February 2022, Russian oil was barely 2% of India's crude imports; by 2023-2025, it became the largest source (~one-third).
Prelims pointers
- Strait of Hormuz: strategic chokepoint for global oil shipments.
- Kpler: global real-time data and analytics provider for commodities.
- US-Iran conflict: ongoing tensions affecting oil supply routes.
- Sanctions waiver: US permission to import from sanctioned countries (not extended to India for Russia).
- India's crude import basket diversification: Russia, UAE, Saudi Arabia, Venezuela.
Mains angles
- GS2: India's foreign policy balancing act between US and Russia amid sanctions.
- GS3: Energy security and diversification of crude oil sources.
- GS3: Impact of geopolitical conflicts on global supply chains and India's strategic reserves.
- GS3: Role of alternative shipping routes and procurement strategies in maintaining energy stability.