India’s crude oil imports from Russia surged to a record high in June as refiners ramped up purchases amid heightened geopolitical tensions triggered by the US-Iran conflict, reinforcing Moscow’s position as the country’s largest oil supplier.
According to industry data, India imported more than 2.5 million barrels of Russian crude per day during June, accounting for over half of the country’s total crude oil imports. The sharp increase exceeded even the volumes recorded during the early years of the Russia-Ukraine conflict, when steep discounts made Russian oil particularly attractive to Indian refiners.
The latest surge reflects refiners’ efforts to build inventories against the risk of supply disruptions, particularly concerns surrounding shipping through the Strait of Hormuz, one of the world’s most critical energy chokepoints.
The buying spree was also supported by the temporary easing of US sanctions under the Donald Trump administration, which allowed greater flexibility in purchasing Russian crude. However, that sanctions waiver has now expired, raising fresh uncertainty over the economics of future imports.
With sanctions once again tightening, refiners may face higher compliance costs and logistical challenges, potentially affecting procurement decisions in the months ahead.
Even so, Russia remains India’s single largest crude oil supplier and continues to occupy a central place in the country’s energy import strategy. Whether June’s record purchases prove to be a short-term response to geopolitical uncertainty or signal a longer-term shift in sourcing will depend on global oil prices, sanctions policy and developments in the Middle East.
