Indian imports of Russian oil plunge to lowest level since 2022

India has sharply reduced its imports of Russian oil. In January, supplies dropped by 40% compared with December and more than halved year-on-year, according to a report by the international pricing agency Argus reviewed by RBC.

Import volumes fell to their lowest level since June 2022, totalling 859,000 barrels per day (3.68 million tonnes). India’s Ministry of Commerce had earlier reported a 5% decline in purchases in 2025, to 84.86 million tonnes. In December 2025, imports of Russian oil decreased by 4% year-on-year and by 25% compared with November, reaching 5.78 million tonnes.

The main reason cited is increased pressure from the United States and New Delhi’s efforts to secure a favourable trade agreement with Washington. In January, Russia’s share of India’s oil imports fell to 21.2%, Reuters reported — the lowest level since October 2022, when India had just begun significantly increasing purchases from Russia following the outbreak of the war in Ukraine.

India is compensating for reduced Russian supplies by increasing purchases from the Middle East, whose share in total imports has already risen to 55%. Saudi Arabia has become the country’s leading supplier. According to Kpler, deliveries from the kingdom could reach 1–1.1 million barrels per day in February, the highest level since November 2019.

India has also resumed imports of Venezuelan oil, ordering at least 6 million barrels for delivery in April, Argus reported. Among these purchases, BPCL and HMEL each acquired 1 million barrels of the Merey crude grade through trader Vitol. Venezuelan oil is priced about $15 per barrel below Brent, making it attractive for Indian refineries, many of which are technologically optimised to process heavier crude grades.

On February 7, US President Donald Trump lifted 25% tariffs on Indian goods, stating that New Delhi had “committed to ending direct or indirect” imports of Russian oil. Indian authorities have not officially announced a complete halt to such purchases. Trump nevertheless warned that US officials would monitor the situation and could reinstate tariffs if supplies resume.

After the start of the war in Ukraine in 2022, India became the largest buyer of Russian oil, which was sold at significant discounts due to Western sanctions. By mid-2025, deliveries had reached 2 million barrels per day, but later began declining under pressure from the US and the European Union. According to Reuters, India plans to reduce imports further to 500,000–600,000 barrels per day this spring.

By Tamilla Hasanova