India’s Russian oil imports more than triple to 5.3 bn euro in March
New Delhi: India’s purchases of crude oil from Russia rose sharply in March, with import spending climbing to EUR 5.3 billion as volumes doubled and global prices increased, according to a report by the Centre for Research on Energy and Clean Air.
The think tank said India’s total imports of Russian hydrocarbons reached EUR 5.8 billion during the month, making it the second-largest buyer after China. Crude oil accounted for 91 per cent of the total, while coal imports stood at EUR 337 million and oil products at EUR 178.5 million.
This marked a steep rise from February, when India ranked third and imported Russian hydrocarbons worth EUR 1.8 billion. Crude oil made up EUR 1.4 billion of that figure, alongside EUR 223 million in coal and EUR 121 million in oil products.
“While India’s total crude imports recorded a 4 per cent reduction in March, Russian imports doubled,” CREA noted, pointing to a shift in sourcing patterns.
The increase followed a one-month sanctions waiver by the United States on Russian oil shipments, covering cargoes already at sea and previously sanctioned vessels. The temporary relief came as oil prices surged amid tensions involving Iran, allowing Indian state refiners to resume purchases.
CREA said imports by state-owned refiners jumped 148 per cent from February and were 72 per cent higher than March last year. Facilities in Mangalore and Visakhapatnam, which had halted Russian purchases in November 2025, resumed buying in March. Private refiners also increased imports by 66 per cent month-on-month, though levels remained below last year. China accounted for 51 per cent of Russia’s crude exports in March, followed by India at 38 per cent. Russia continued to rely heavily on Asian markets, with 90 per cent of its crude exports going to China and India in the first quarter.
The report also flagged continued flows of oil products into Europe from refineries processing Russian crude, despite an EU ban introduced in January. Fourteen such shipments reached European ports in March, including four originating from India.
