India retained its position as the second-largest buyer of Russian fossil fuels in January, with total purchases valued at $2.59 billion, according to recent trade data tracking Moscow’s energy exports.
The figure includes imports of crude oil, petroleum products, coal and liquefied natural gas (LNG), underscoring India’s continued reliance on discounted Russian supplies amid ongoing geopolitical tensions and Western sanctions on Moscow.
Since 2022, India has significantly increased purchases of Russian crude, taking advantage of price discounts following sanctions imposed after the outbreak of the Ukraine conflict. Russian oil has become a key component of India’s energy basket, often accounting for a substantial share of the country’s monthly crude imports.
Energy analysts note that competitive pricing remains the primary driver of India’s procurement strategy. “Indian refiners are guided by commercial considerations. As long as Russian barrels are available at attractive discounts and within compliance frameworks, demand is likely to remain firm,” an industry observer said.
China remained Russia’s largest fossil fuel buyer during the month, while Turkey and several European countries continued to import limited volumes of LNG and pipeline gas under existing arrangements.
India’s sustained purchases come as global oil markets remain volatile due to supply disruptions, OPEC+ output policies and shipping constraints in key maritime corridors. Refiners in India have diversified payment mechanisms and logistics channels to ensure uninterrupted flows.
Government officials have reiterated that India’s energy sourcing decisions are based on national interest and energy security needs. “We source energy from wherever it is most viable and affordable,” a senior official said recently, adding that diversification remains a key policy objective.
With crude prices fluctuating and freight rates firming, analysts expect India’s imports from Russia to remain strong in the near term, provided discounts persist and logistical pathways remain stable.
