India has declared its intention to maintain imports of Russian crude oil, regardless of the expiration of a temporary US sanctions waiver on 16 May. The waiver, initially introduced to stabilise global energy markets after disruptions caused by the Iran war, was not renewed despite requests from New Delhi.
Record Imports from Russia
India's imports of Russian oil have surged to unprecedented levels, with daily inflows reaching 2.3 million barrels per day in early May. This spike is largely attributed to significant disruptions in Middle Eastern supplies, which have reshaped global oil dynamics.
The ongoing Iran war has drastically altered the oil landscape. Middle Eastern crude supply to India plummeted by 61 per cent in March, while Russian supply nearly doubled during the same period. Russia has been India's primary crude supplier since 2022, initially benefiting from Western sanctions that led to discounted oil offers. Now, the Iran war has further enhanced the profitability of Russian crude for Indian refiners.
India's stance underscores its commitment to securing affordable energy sources, even amid geopolitical pressures. The country continues to prioritise its energy needs, with Russian oil playing a pivotal role in its import portfolio.
