Kamal Ghorui
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NEW DELHI: India imported crude worth $2.7 billion from Russia in Dec 2025, the lowest monthly import from the country since Feb last year, reflecting the impact of the US imposing sanctions on Russian oil majors Rosneft and Lukoil — two major contributors to oil exports to India.The US had announced sanctions on the two companies on Oct 22 and set Nov 21 as the deadline for all dealings with them to be wound down.
As per data shared by the ministry of commerce and industry, Dec supplies of Russian oil were nearly 27% lower compared with imports worth $3.7 billion a month earlier in Nov 2025, and over 15% lower than the $3.2 billion imported during the corresponding month in 2024.
Impact of US sanctions
Emails sent to oil marketing companies — Indian Oil, Bharat Petroleum, Hindustan Petroleum and Reliance Industries — seeking details of their purchases from Russia did not elicit a response.Also read: India–US trade deal- How oil still drives global power dynamicsRussia, however, remained the biggest supplier of crude to India in 2025-26, contributing 24% of the $11.4 billion worth of oil imported in Dec. Other top suppliers included Iraq ($2.4 billion), Saudi Arabia ($1.8 billion), the UAE ($1.7 billion) and the US ($0.6 billion).In the three quarters (April to Dec) of FY2026, India imported crude worth $105.1 billion from 34 different geographies, with Russia emerging as the biggest supplier at $33.1 billion, accounting for 31.5% of the total.During the corresponding period in FY2025, India imported $109.3 billion worth of oil, with Russia’s share at $39.9 billion, or 36.5%.The share of the US increased both in Dec and during the three quarters of FY26 compared with the corresponding period in the previous fiscal. The US supplied $0.6 billion worth of crude to India in Dec 2025, up from $0.4 billion a year earlier, taking total exports to India to $8.2 billion between April and Dec 2025 — an increase of 7.8% from $5 billion in the previous fiscal.Announcing a trade deal with India last week, US President Donald Trump said New Delhi had agreed to reduce imports of Russian oil to zero. The Narendra Modi govt did not respond to the assertion specifically, but maintained that ensuring the energy security of 1.4 billion Indians was paramount.
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