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India Defies US Pressure, Keeps Buying Russian Oil Despite Tariffs
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![Photo of Vlad Litnarovych]( "Photo of Vlad Litnarovych")
The United States is ratcheting up trade pressure on India with steep tariffs on Indian goods, but New Delhi insists it will keep buying Russian oil despite Washington’s push to curb the Kremlin’s energy revenues, Bloomberg reported on October 1.
India’s imports of Russian crude fell slightly in September to 1.61 million barrels per day, down from 1.72 million in August, according to data from Kpler.
That still accounted for roughly one-third of India’s total oil supplies, even though volumes were 16% lower year-on-year. Analysts note the decline reflects a stabilization of purchases rather than a sharp policy shift. Moscow remains India’s single largest crude supplier.
The drop coincided with new US trade measures. Washington has imposed a 50% tariff on Indian imports, warning that New Delhi’s oil trade with Moscow is helping finance Russia’s war in Ukraine.
Indian officials, however, signaled little intention to change course. Finance Minister Nirmala Sitharaman confirmed that India would “continue to buy oil from Russia, based on its own interests.” Indian Oil Corp’s finance director Anuj Jain added that purchases are driven primarily by cost-effectiveness.
“Russian barrels remain central to India’s energy mix, but volumes are stabilizing at lower levels,” said Sumit Ritolia, an analyst at Kpler. He noted that Indian refiners are gradually diversifying suppliers, balancing economic benefit with energy security.
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Price remains the critical factor. Russian Urals crude sold at just $1 per barrel below Brent in July and August—the narrowest discount since 2022—which made shipments less attractive.
By September, however, discounts widened again to $5 per barrel, restoring Urals as the cheapest option for Indian refiners.
Despite ongoing Ukrainian drone strikes on Russian refineries, India’s oil flows have not been disrupted. Refineries have already secured sufficient cargoes for November deliveries.
Meanwhile, Russian seaborne exports have surged. Over the past four weeks, shipments climbed to 3.62 million barrels per day—the highest in 16 months and close to levels last seen in May 2024, according to Bloomberg.
Earlier, reports emerged that Taiwan had become the world’s largest importer of Russian naphtha—a petroleum derivative essential for chemicals used in the semiconductor industry—despite its participation in sanctions against Moscow and its support for Ukraine.
