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India Russian Oil Purchases Slow Ahead of Key US Sanctions Waiver Deadline
India’s imports of Russian crude declined 15% in April to $5.3 billion, even as the country retained its position as Moscow’s second-largest oil buyer. The decline comes at a sensitive geopolitical moment, with uncertainty building around the continuation of a US waiver that has allowed select countries to transact with sanctioned Russian energy entities.
By Finblage Editorial Desk
2:34 pm
14 May 2026
India’s imports of Russian crude oil fell sharply in April, reflecting both softer procurement volumes and rising uncertainty over future sanctions-related exemptions. According to trade data cited in reports, India imported Russian oil worth €4.5 billion, or nearly $5.3 billion, during the month, marking a 15% decline compared to previous levels.
Despite the moderation, India remained the second-largest buyer of Russian crude globally, underlining how deeply discounted Russian barrels have become embedded in the country’s energy supply chain since the outbreak of the Russia-Ukraine conflict and the subsequent reshaping of global oil flows.
The latest decline comes ahead of a critical May 16 deadline linked to the US waiver mechanism that has permitted countries, including India, to continue purchasing oil connected to sanctioned Russian entities. While India never formally halted Russian oil imports, the waiver provided operational and financial flexibility for refiners dealing with Russian cargoes amid Western sanctions.
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