India's Russian Oil Imports Surge Amid Western Sanctions

In November, India's imports of Russian crude oil climbed to a five-month high of €2.6 billion, driven by decreased European demand due to sanctions. India became the largest buyer of discounted Russian oil, with private and state refineries exporting refined products globally, despite international sanctions.

India's imports of Russian crude oil reached a five-month peak in November, amounting to €2.6 billion, according to a report by the Centre for Research on Energy and Clean Air. This increase reflects a 4% rise from October, positioning India as the second-largest global importer of Russian oil, trailing only China.

While the US has imposed sanctions on Russian oil producers like Rosneft and Lukoil, Indian refineries have diversified their suppliers, with state-run facilities ramping up their purchases by 22% month-on-month in November. Meanwhile, India capitalized on Western sanctions, acquiring Russian oil at substantial discounts and dramatically increasing its market share.

The refined products, partially derived from Russian crude, were primarily exported to nations including Australia, the US, and Canada. Despite an 8% decrease in exports to sanctioning countries, shipments to Australia grew significantly. The reliance on discounted Russian oil marks a strategic pivot for India amid global geopolitical tensions surrounding Russia's actions in Ukraine.

(With inputs from agencies.)