India's Russian Crude Imports Plummet to 10-Month Low Following US Sanctions
India's monthly crude oil imports from Russia fell to their lowest level in ten months during December 2025, according to official data from the Ministry of Commerce and Industry. The value of imports dropped to $2.7 billion, marking the smallest monthly figure since February of the previous year. This significant decline is directly attributed to the impact of sanctions imposed by the United States on major Russian oil corporations.
Direct Impact of US Sanctions on Russian Oil Majors
The United States government announced sanctions targeting two of Russia's largest oil exporters, Rosneft and Lukoil, on October 22. These measures set a deadline of November 21 for all international dealings with these companies to be completely wound down. The data for December clearly reflects the immediate consequences of this geopolitical action on India's energy procurement strategy.
Compared to the previous month, December's imports from Russia saw a sharp 27% decrease from November 2025's $3.7 billion. Furthermore, the figures were over 15% lower than the $3.2 billion imported during the corresponding month in December 2024, highlighting a year-on-year contraction.
Russia Maintains Top Supplier Status Despite Decline
Despite the notable monthly drop, Russia continued to hold its position as India's largest supplier of crude oil for the fiscal year 2025-26. In December alone, Russian oil constituted 24% of India's total crude imports, which amounted to $11.4 billion for the month. Other leading suppliers during this period included:
- Iraq: $2.4 billion
- Saudi Arabia: $1.8 billion
- United Arab Emirates: $1.7 billion
- United States: $0.6 billion
Queries sent to major Indian oil marketing companies—Indian Oil Corporation, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, and Reliance Industries Limited—regarding their specific purchasing details from Russia did not receive any official response.
Broader Fiscal Year Trends and US Market Share Growth
Analyzing the broader fiscal picture from April to December 2025 (the first three quarters of FY2026), India imported a total of $105.1 billion worth of crude oil from 34 different countries. Russia emerged as the predominant supplier during this period, accounting for $33.1 billion, or 31.5% of the total import value.
This represents a shift from the corresponding period in the previous fiscal year (FY2025), when total imports were $109.3 billion, with Russia's share at $39.9 billion, constituting 36.5%. The data indicates a reduction in both absolute value and percentage share for Russian crude in the Indian market.
Conversely, the United States has seen its market share increase. US crude supplies to India in December 2025 rose to $0.6 billion, up from $0.4 billion in December 2024. Cumulatively, from April to December 2025, US exports to India reached $8.2 billion, marking a substantial 7.8% increase from the $5 billion recorded in the same period of the previous fiscal year.
Geopolitical Context and Official Stances
The trade dynamics occur against a backdrop of high-level diplomatic discussions. Last week, US President Donald Trump announced a trade deal with India, stating that New Delhi had agreed to reduce its imports of Russian oil to zero. The Indian government, led by Prime Minister Narendra Modi, did not provide a specific response to this assertion. However, official sources maintained that ensuring the energy security of India's 1.4 billion citizens remains the paramount priority, suggesting a complex balancing act between geopolitical pressures and domestic energy needs.
