economy
April 16, 2026
India’s Russian oil imports surge sharply in March
India’s Russian oil imports tripled to $5.8 billion in March 2026, driven by higher volumes and prices, despite an overall decline in total crude imports
TL;DR
- India's crude oil imports from Russia surged to $5.8 billion in March, a threefold increase from February.
- Shipment volumes doubled and oil prices rose, contributing to the higher import bill.
- India was the second-largest buyer of Russian fossil fuels in March, spending $6.38 billion in total.
- Crude oil constituted 91% of India's purchases from Russia in March, totaling $5.83 billion.
- The surge in imports followed a one-month US sanctions waiver on Russian oil.
- India has become a key market for Russian oil since the escalation of the Ukraine conflict in 2022.
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