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India's Russian oil purchases nearing 2-year record

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India's Russian oil purchases nearing 2-year record
Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., as a tanker sails beyond in Tuapse, Russia, on March 23, 2020. Photo for illustrative purposes. (Andrey Rudakov/Bloomberg via Getty Images)

India's imports of Russian crude are likely to hit 2.15 million barrels per day in April, the highest volumes since May 2023, Bloomberg reported on April 22, citing Kpler data.

Russian oil shipments appear to be picking up pace again after months of disruptions caused by U.S. sanctions on Russia's fossil fuel exports.

India, the world's third-largest oil importer, has become the leading buyer of Russian oil products, which it purchases at a discount amid sanctions that largely cut Moscow off from the Western market.

Russia has remained the South Asian country's leading supplier for the third year in a row, Reuters reported on April 22.

The Indian market was rattled earlier this year after the sweeping U.S. sanctions in January that targeted Russia's "shadow fleet," major oil companies, and associated entities, significantly complicating Moscow's crude exports.

Despite a temporary drop, Indian imports of Russian crude began climbing again in March.

New Delhi has maintained a neutral stance on the Russia-Ukraine war, calling for a peaceful solution while fostering economic relationships with Moscow.

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Martin Fornusek

Senior News Editor

Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.

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