India’s Russian Oil Imports Continue as Indian Oil, Nayara Step Up Purchases

Amid threats of retaliation by US President Donald Trump and sanctions by the European Union, Indian refiners have continued to buy Russian oil, albeit at a slower pace. Data shows that while Mukesh Ambani’s Reliance Industries has stopped Russian crude shipments, state-owned Indian Oil Corporation and Rosneft-owned Nayara Energy have ramped up their purchases.

India’s imports of Russian crude averaged about 1.18 million barrels per day in the first half of this month, nearly 30% lower compared with the same period a year ago and also below the country’s average intake in 2025, according to Kpler data reported by the Economic Times.

Indian Oil Corporation emerged as the largest buyer, importing close to 500,000 barrels per day, or around 43% of Russia’s total crude shipments to India. This marked its highest average intake since May 2024 and was 64% higher than its 2025 average.

Nayara Energy, which has relied entirely on Russian crude since EU sanctions last year, was the second-largest importer. It brought in about 471,000 barrels per day, accounting for nearly 40% of Russian supplies to India, the highest level in at least two years and 56% above its 2025 average.

BPCL imported roughly 200,000 barrels per day, slightly higher than last year’s average of 185,000 bpd, while companies such as Reliance Industries, HPCL, HPCL-Mittal Energy and MRPL did not receive any Russian cargoes during the period.

Softening demand from some Indian and Chinese buyers has led Russian oil firms to offer steeper discounts on crude, with Urals crude now trading at about $5–6 a barrel for delivery to Indian ports, up from around $2 before the US sanctioned Rosneft and Lukoil last October, the report said.

At the same time, Indian refiners have been reworking their sourcing strategy amid US pressure over Russian oil purchases, including the imposition of an additional 25% tariff on Indian exports to the US late last August.

Sanctions on Rosneft and Lukoil has further dampened appetite, with most refiners, barring Rosneft-backed Nayara, largely avoiding cargoes from sanctioned suppliers. Reliance Industries, despite a term deal with Rosneft, has halted receipts from Rosneft and other Russian producers.