Energy Equation Rewritten: India’s Imports From Russia Plunge

Updated: February 18, 2026 15:28

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India’s Russian crude oil imports fell sharply in January 2026, dropping to 1.1 million barrels per day—the lowest since November 2022. Overall imports from Russia plunged 40 percent year-on-year to $2.86 billion, reflecting India’s shift toward diversified energy sourcing and recalibrated trade strategies amid evolving global alignments.

India’s crude oil imports from Russia fell sharply in January 2026, dropping to their lowest level since late 2022. The decline reflects shifting trade dynamics, with Indian refiners reducing Russian purchases amid evolving global energy alignments and new trade frameworks.

India imported just 1.1 million barrels per day (bpd) of Russian crude in January, the lowest since November 2022. Overall merchandise imports from Russia plunged by more than 40 percent year-on-year, falling to $2.86 billion compared with $4.81 billion in January 2025. The steep drop underscores India’s recalibration of energy sourcing strategies.

Key Highlights

Russian crude oil imports fell to 1.1 million bpd in January, marking the lowest level since November 2022.
India’s total imports from Russia dropped 40.5 percent year-on-year, down to $2.86 billion from $4.81 billion.
Crude oil, which typically accounts for nearly 80 percent of India’s imports from Russia, was the primary driver of the decline.
Indian refiners, including IOCL, HPCL, and BPCL, currently rely on spot deals rather than long-term contracts with Russian suppliers.
The slowdown coincides with India’s interim trade framework with the United States, which is expected to increase U.S. energy inflows.
Analysts suggest Indian refiners may diversify further, exploring supply from Venezuela and other markets to balance geopolitical and economic pressures.

Context And Outlook

India’s reliance on Russian oil surged after the Ukraine conflict, as discounted barrels offered cost advantages. However, January’s figures highlight a turning point. With U.S. tariff pressures and shifting trade priorities, Indian refiners appear to be moderating Russian purchases. The move could reshape India’s energy mix, potentially increasing imports from alternative suppliers while reducing exposure to geopolitical volatility.

The decline also signals broader trade adjustments. As India balances strategic partnerships with both Russia and the U.S., energy procurement decisions will remain central to its economic and diplomatic positioning.

Sources: Reuters, Mint, News18

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