According to data from the Ministry of Commerce and Industry, India imported Russian crude worth $2.7 billion in December, the lowest monthly figure since February 2025. The decline follows sanctions imposed by the United States on Russian oil giants Rosneft and Lukoil on October 22, with a November 21 deadline for winding down business dealings. Both companies are key suppliers of oil to India.
December imports were nearly 27% lower than the $3.7 billion recorded in November 2025 and more than 15% below the $3.2 billion imported in December 2024. Queries sent to major oil marketing companies — Indian Oil, Bharat Petroleum, Hindustan Petroleum and Reliance Industries — regarding their purchases from Russia went unanswered.
Despite the drop, Russia remained India’s largest crude supplier in 2025–26, accounting for 24% of the $11.4 billion worth of oil imported in December. Other major suppliers during the month included Iraq ($2.4 billion), Saudi Arabia ($1.8 billion), the UAE ($1.7 billion) and the US ($0.6 billion).
Between April and December of FY2026, India imported crude worth $105.1 billion from 34 countries. Russia emerged as the top supplier, contributing $33.1 billion, or 31.5% of the total. In the same period of FY2025, total imports stood at $109.3 billion, with Russia’s share at $39.9 billion, or 36.5%.
The US increased its share of India’s crude imports both in December and during the first nine months of FY2026. American exports rose to $0.6 billion in December 2025 from $0.4 billion a year earlier. Between April and December 2025, US crude shipments to India reached $8.2 billion, up 7.8% from $5 billion in the previous fiscal year.
Last week, while announcing a trade deal with India, US President Donald Trump claimed that New Delhi had agreed to reduce Russian oil imports to zero. The Narendra Modi government did not directly address the statement, reiterating instead that safeguarding the energy security of India’s 1.4 billion people remains its top priority.
