Russia remained India’s largest crude oil supplier in December despite a month-on-month drop in volumes following fresh Western sanctions, according to data from energy analytics firm Kpler.
Crude imports from Russia declined in December as refiners adjusted procurement strategies amid tighter restrictions on shipping, insurance and financing linked to Russian oil trade. However, Russia continued to account for the biggest share of India’s crude basket, underscoring the depth of energy ties between the two countries.
Indian refiners have increasingly relied on discounted Russian grades since 2022, helping offset higher global oil prices and manage import costs. Even with the December dip, Russia’s supplies stayed well ahead of traditional Middle East exporters such as Iraq and Saudi Arabia.
Market participants said the fall in volumes reflected logistical disruptions rather than a strategic shift away from Russian oil. Several cargoes were delayed or rerouted as traders navigated compliance issues tied to the sanctions regime.
Kpler data suggests Indian refiners are likely to remain opportunistic buyers of Russian crude, provided price advantages persist and alternative shipping arrangements are available. Analysts expect import patterns to remain fluid in the near term, shaped by sanctions enforcement, freight availability and global demand trends.
