Russian Crude Oil imports to India Hit USD 6B Amid Global Oil Shift

Russian crude oil imports to India jumped sharply in March 2026, reflecting a strong rebound in buying as global energy markets stayed volatile.

The surge comes amid ongoing geopolitical tensions, shifting trade routes, and price pressure in international crude markets.

According to industry data, Russian crude oil imports to India climbed to $6.2 billion in March, more than three times February’s $1.65 billion.

The increase was driven by a combination of higher crude volumes and rising global oil prices, which pushed up the overall import bill even as total crude imports from other regions stayed uneven.

Also Read: Oil Surges Past 100 USD as US Moves to Block Hormuz Strait

Reports also show that India imported about €5.8 billion worth of total Russian hydrocarbons in March, with crude making up nearly 91 percent of the basket. This puts Russia ahead as one of India’s top suppliers during the month, supported by steady availability of discounted barrels in the spot market.

The spike followed a temporary easing in sanctions-related restrictions and a waiver that allowed refiners to resume purchases of Russian cargoes already in transit. State-owned refiners saw the strongest rebound, while private refiners also increased intake but at a slower pace compared to last year.

Global disruptions added more pressure to the shift. West Asia crisis and uncertainty around the Strait of Hormuz tightened shipping lanes and raised freight costs, forcing refiners to diversify sourcing and secure stable supply from alternative routes.

Also Read: Every $10 Crude Oil Rise May Lift India’s Import Bill by $13-14 bn

Russia’s crude remained attractive due to lower pricing compared to global benchmarks and large export volumes. This helped India balance cost control with energy security at a time when import dependence remains high.