India's Russian Oil Binge: A Surge in March Imports

In a significant shift, India's crude oil imports from Russia soared in March 2026, tripling in value to 5.3 billion euros. This follows a period of decline in February, as reported by the Centre for Research on Energy and Clean Air (CREA). India's increase in Russian oil consumption is attributed to a temporary U.S. sanctions waiver that allowed state refiners to resume their purchases.

As part of this elevated buying spree, state-owned refineries in India recorded a staggering 148 percent increase in Russian oil imports month-on-month. The move was fueled by the availability of Russian barrels in the spot market, which serves as the primary source of imports for India's state-owned refineries. Although India saw a general reduction in crude imports, Russian oil volumes doubled during this period.

Russia continues to rely heavily on Asian markets, with 90 percent of its crude exports heading to China and India in the first quarter of 2026. Despite an EU ban, Russian crude is still indirectly entering European markets through refineries in non-sanctioning countries, including India. The narrative reveals intricate dynamics in global oil trade amidst geopolitical tensions.