India's Russian Crude Imports Decline

India's crude oil imports from Russia significantly declined in December 2025, reaching a three-year low, following US sanctions imposed on major Russian oil producers Rosneft and Lukoil. Indian refiners, including Reliance Industries and Mangalore Refinery and Petrochemicals Limited, scaled back direct purchases from these sanctioned entities. While the decline is seen as a near-term adjustment, analysts from Kpler expect Russian crude flows to India to gradually recover from January as new intermediaries and logistical workarounds emerge. India, a major buyer of discounted Russian crude since the 2022 Ukraine invasion, is expected to continue importing Russian oil through indirect and less transparent channels, maintaining Russia's structural presence in its energy basket. Indian Oil Corporation has also committed to complying with sanctions and is seeking alternative supplies from the Americas.