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India’s crude oil imports from Russia rose in October, despite the US sanctions on Rosneft and Lukoil. India’s October imports of Russian oil reached 1.48 million barrels per day, according to data from oil tracking companies Kpler and OilX.
Kpler estimated India’s Russian crude imports at about 1.48 million barrels per day (bpd) in October, up from 1.44 million bpd in September. OilX gave similar figures – 1.48 and 1.43 million bpd for October and September. The data excluded Kazakh-origin oil exported via Russia.
The US imposed sanctions on Russian oil giants Rosneft and Lukoil and their subsidiaries in late October. At about the same time, the EU then officially implemented its 19th package of sanctions against Moscow, targeting over 117 vessels from what Brussels claims is a Russian “shadow fleet,” as well as additional individuals and entities.
Earlier this year, Trump imposed a collective 50% tariff on Indian imports, citing New Delhi’s purchases of Russian oil as the reason. The two countries have also failed to reach a trade agreement.
Indian Foreign Ministry spokesman Randhir Jaiswal said that New Delhi is analyzing the effects of new sanctions on Russian oil majors Rosneft and Lukoil and will act based on how the situation develops. In response to the sanctions, key Indian refiners have temporarily halted new orders and are instead seeking alternative supplies in spot markets. India’s private refiner Reliance has bought millions of barrels from the spot markets since the US sanctions were introduced.
Other refiners such as state backed Indian Oil Corporation states they will continue purchasing oil from Russian producers that have not been sanctioned.
India is the world’s third largest oil consumer, with Russia accounting for 34% of India’s total imports.
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