India's Russian oil imports fall by a third after US sanctions take effect
India's Russian oil imports fall by a third after US sanctions take effect
As US sanctions bite, Indian buyers pivot to non-sanctioned Russian crude and other suppliers, reshaping energy choices and prices.
India's imports of Russian oil fell by nearly a third after US sanctions on key Kremlin-linked exporters took effect on November 21, with refiners rapidly turning to alternatives.
Analysts expect further declines in December as refiners adapt to the tighter regime, seeking other suppliers or non-sanctioned Russian crude to keep pace with demand while managing costs.
Even as the overall imports ease, a few refiners have resumed buying non-sanctioned Russian crude at attractive discounts, with some deals reportedly around $5 per barrel below Dated Brent. These moves reflect a cautious balancing act: preserving access to cost-effective crude while navigating the evolving sanctions landscape.
The shift illustrates how sanctions are reshaping Asia's oil flows, forcing buyers to reassess traditional supply routes and explore workaround options that maintain energy security and price competitiveness.
Price dynamics and supply stability remain central as India weighs its energy security against the broader global sanctions regime, aiming to keep fuel affordability in check for consumers and industries alike.
