India’s imports of Russian oil are projected to reach their lowest levels in at least three years this December, following multi-month highs in November. This decline is attributed to refiners seeking alternatives to navigate Western sanctions, according to trade and refining sources.
Recently, the United Kingdom, the European Union, and the United States have intensified sanctions against Russia due to the ongoing war in Ukraine. The latest U.S. measures specifically target major Russian oil companies, Rosneft and Lukoil. Buyers had until November 21 to cease transactions with these firms, while the EU has established a January 21 deadline for refusing fuel from refineries that processed Russian crude within 60 days of the bill of lading.
In light of the stringent U.S. sanctions, scrutiny from financial institutions has made Indian state refiners “extremely cautious,” noted one refining source. Consequently, India is expected to import between 600,000 to 650,000 barrels per day of Russian oil in December. This figure includes purchases by Indian Oil Corporation, Nayara Energy, and some cargoes loaded in November that are being delivered to Reliance Industries.
Provisional data from Kpler indicates that India will receive approximately 1.87 million barrels per day of Russian crude this month. In October, imports stood at 1.65 million barrels per day, reflecting a 2% increase from September, according to trade data.
“Russian supply is expected to be high in November as many refineries tried to stockpile before the U.S. sanctions deadline, as well as due to the EU’s rule regarding oil products from non-Russian sources by 2026,” a trade source remarked. The sources have requested anonymity as they are not authorized to speak to the media.
Many Indian refiners, including Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corporation, and HPCL-Mittal Energy Ltd, have halted purchases of Russian oil. State-owned Indian Oil Corporation and Bharat Petroleum Corporation have declared they will only buy from non-sanctioned entities.
Nayara Energy, which is partly owned by Rosneft, continues to process Russian oil exclusively as other suppliers have withdrawn following the sanctions from Britain and the EU. Reliance Industries Limited stated that it loaded Russian oil cargoes that were “precommitted” as of October 22 and will refine any cargo arriving after November 20, tailored for the domestic market.
Reliance operates the world’s largest refining complex, with one of its refineries dedicated to export markets. Notably, the share of U.S. oil in India’s overall oil imports surged to its highest level since June 2024, as refiners sought out arbitrage opportunities. Additionally, India is facing increased pressure to purchase more U.S. energy after Washington raised tariffs on Indian imports to 50%, citing New Delhi’s acquisition of Russian oil.
Published on November 25, 2025.
