India's Purchase of Russian Oil Amid US Sanctions

India maintains its stance on buying Russian oil based on commercial and energy security considerations, unaffected by US sanctions waivers. Despite the uncertainty of US sanctions waivers, India continues its procurement from Russia.

US Sanctions Waiver

• The US initially let its sanctions waiver for Russian oil expire but later extended it under pressure from countries needing crude due to disrupted supplies from the Strait of Hormuz.
• The waiver allowed oil on tankers before a specific time to be purchased until mid-May, aiming to stabilize global oil prices impacted by geopolitical tensions.

Impact of Waivers on India

• The waiver facilitated Indian refiners to import Russian oil using sanctioned tankers and dealing with Russian companies like Rosneft and Lukoil.
• Without the waiver, Indian imports from Russia could face challenges due to potential US secondary sanctions.

Statistics on Oil Imports

• India, the third-largest global oil consumer, imports over 88% of its oil needs.
• In February, imports were over 1 million bpd, a reduction from a 2025 peak of over 2 million bpd.
• In March, imports doubled to 2 million bpd, making up 45% of total imports, influenced by the waiver and West Asia conflicts.
• April saw a moderation to 1.6 million bpd due to refinery maintenance; May estimates are near 2 million bpd.

Geopolitical and Economic Considerations

India's strategic oil imports from Russia have been a subject of geopolitical tension with the US, especially with sanctions on Russian oil majors and trade negotiations.