India’s Russian Crude Imports Jump Sharply in March Amid Global Disruptions

India’s crude oil imports from Russia rose sharply in March, according to data cited by the Centre for Research on Energy and Clean Air. The increase came amid escalating military conflict in West Asia and the temporary closure of the Strait of Hormuz.

While India’s overall crude imports declined during the month, purchases from Russia expanded significantly. Both higher volumes and rising prices contributed to the sharp increase in import value.

Surge in Import Value During March

India imported nearly €5.3 billion worth of crude from Russia in March, compared with about €1.4 billion in February. According to CREA, total imports of Russian hydrocarbons by India stood at €5.8 billion during the month.

This made India the second-largest buyer of Russian hydrocarbons globally, after China. Crude oil accounted for around 91% of these imports, with the remainder comprising coal and oil products.

Shift in India’s Overall Crude Import Mix

Despite the surge in Russian purchases, India’s total crude oil imports declined by around 4% in March. CREA noted that imports from Russia increased fourfold during the period, offsetting reduced supplies from other regions.

The closure of the Strait of Hormuz disrupted traditional shipping routes and tightened global availability. As a result, Russian barrels became a more prominent component of India’s crude sourcing mix.

State-Owned and Private Refinery Trends

The largest change was observed in imports by state-owned refiners, which recorded a 148% month-on-month rise in Russian crude purchases. Their imports were also 72% higher than in March 2025, driven by greater spot market availability of Russian barrels.

Private refiners reported more than a 66% month-on-month increase in imports from Russia. CREA indicated that shifting market conditions enabled refiners to secure additional volumes despite higher prices.

Pricing, Sanctions and Market Conditions

Russian Urals crude had earlier been available to Indian refiners at discounted prices. However, prices rose sharply in March following the disruption of shipments through the Strait of Hormuz.

CREA noted that shipments had dipped in January and February before recovering in March. The rebound followed a one-month sanctions waiver granted by the US, aimed at easing global crude prices and improving supply availability.

Read More: Crude Oil Prices Decline Further Amid Hopes of Renewed US-Iran Talks.

Conclusion

India’s Russian crude imports rose sharply in March against a backdrop of global geopolitical disruptions. Higher volumes, rising prices, and altered trade routes contributed to the increase in import value.

State-owned and private refiners both expanded their purchases amid improved spot availability. The data reflects how external conflicts and sanctions environment continue to influence India’s crude oil sourcing patterns.

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