India’s crude oil purchases from Russia more than tripled to €5.3 billion (approx. ₹48,000 crore) in March 2026. According to the latest report from the Centre for Research on Energy and Clean Air (CREA), India has reclaimed its spot as the second-largest buyer of Russian fossil fuels globally, trailing only China.
This “buying binge” is a direct strategic response to the supply disruptions in the Middle East and a timely U.S. sanctions waiver that allowed Indian refiners to clear a backlog of previously stranded Russian cargoes.
1. The “Triple Jump” Data
The surge was driven by a combination of doubled volumes and the global rally in oil prices caused by the Strait of Hormuz blockade.
| Metric | February 2026 | March 2026 | Change |
| Total Value (Crude) | €1.4 Billion | €5.3 Billion | ↑ 278% |
| Total Hydrocarbons | €1.8 Billion | €5.8 Billion | ↑ 222% |
| Import Volume | 1.06 Million bpd | 2.06 Million bpd | ↑ 94% |
- Market Share: Russian crude now accounts for 46.8% of India’s total oil imports, nearing the all-time peak seen in mid-2023.
- Other Imports: India also imported €337 million worth of Russian coal and €178.5 million in other oil products during the month.
2. State Refiners Lead the Charge
The most significant shift occurred in the public sector. While private refiners like Reliance saw a steady 66% increase, state-owned refineries recorded a massive 148% month-on-month jump in Russian oil intake.
- Resumed Operations: The Mangalore (MRPL) and Visakhapatnam (HPCL) refineries, which had halted Russian purchases in late 2025 due to payment and shipping hurdles, fully resumed imports in March.
- IOCL Performance: Indian Oil Corporation (IOC) doubled its intake to 660,000 bpd, establishing itself as a consistent buyer of Russian grades.
3. The U.S. Sanctions Waiver: The “Green Light”
The surge was made possible by a specific, one-month sanctions waiver granted by the U.S. Treasury.
- Clearing the Sea: The waiver covered Russian crude that was already loaded onto tankers and shipments on previously sanctioned vessels.
- Price Easing: Washington issued the waiver to prevent global oil prices from spiraling further while the U.S. remains engaged in conflict with Iran.
- Vessel Course Correction: By mid-March, dozens of tankers originally destined for other ports changed course toward India to capitalize on this legal window.
4. Why This Matters for You
Since you have been monitoring TCS results and the $18.84B FPI sell-off, this oil surge is a critical macroeconomic “shock absorber” for India:
- Trade Deficit Protection: Even at €5.3 billion, Russian crude continues to trade at a “sanctions discount” compared to Brent. This helps prevent the Rupee (₹95/$) from depreciating even further.
- Refining Margins: As we noted with the Reliance Jamnagar results, nearly 25% of their feedstock now comes from Russia, allowing them to maintain profitability even as global energy costs rise.
- Energy Sovereignty: The ability to pivot nearly 50% of the national oil basket to Russia in a single month demonstrates India’s “strategic autonomy” in the face of Middle Eastern supply gaps.
“India is effectively using its refining capacity as a global valve,” noted a senior energy analyst. “By processing Russian crude and exporting the finished products to Europe and the US, Indian refiners are keeping global supply chains from breaking.”
