India's Russian Crude Imports Triple to 5.3 Billion Euros in March

India's imports of Russian crude oil more than tripled in value to 5.3 billion euros in March 2026, driven by doubled volumes and soaring global prices, positioning the country as the second-largest buyer of Russian fossil fuels that month. The surge, detailed in a report by the Centre for Research on Energy and Clean Air, marked a sharp rebound from February, when purchases had dipped amid temporary pauses by state refiners.

Overall, India imported 5.8 billion euros worth of Russian hydrocarbons in March, with crude accounting for 91 percent of the total. Volumes reached an estimated 4.55 million barrels between late February and the end of the month, pushing daily imports to about 1.9 million barrels by late March, up from roughly 1 million barrels per day in February. This elevated Russia's share of India's total crude imports to nearly 30 percent during the period, making it the largest supplier. In comparison, February saw Russian crude constitute 20 percent of India's imports, with total hydrocarbon purchases at 1.8 billion euros.

The increase followed a U.S. one-month sanctions waiver issued in March, which covered Russian oil cargoes already at sea and shipments on...