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India to Raise Russian Crude Imports by Up to 20% in September
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![Photo of Dariia Mykhailenko]( "Photo of Dariia Mykhailenko")
Russian oil exports to India are expected to rise in September, as New Delhi continues to defy US punitive tariffs aimed at halting the trade and pressuring Moscow toward a peace agreement with Ukraine, Reuters reported on August 28, citing sources familiar with the matter.
India has emerged as the largest buyer of Russian oil displaced by Western sanctions following Moscow’s full-scale invasion in 2022. The purchases have allowed Indian refiners to benefit from discounted crude, but have also drawn condemnation from Washington.
New Delhi insists it is seeking to resolve the dispute through negotiations. At the same time, Prime Minister Narendra Modi has launched a diplomatic tour that includes a meeting with Russian leader Vladimir Putin.
US officials have accused India of profiteering from discounted Russian oil, while Indian officials counter that Western nations continue to import Russian goods worth billions of dollars.
“The tariffs are part of a broader trade discussion between India and the US, and given India’s increasing domestic refinery runs amid discounted Russian barrels, we don’t see India scuppering its Russian imports in meaningful volumes,” BNP Paribas said, according to Reuters.
According to Reuters without Indian demand, Russia would struggle to sustain export volumes, sharply reducing revenues that fund the Kremlin’s war in Ukraine. Three trading sources said Indian refiners plan to increase Russian crude purchases in September by 10–20% from August levels—equivalent to 150,000–300,000 barrels per day. The sources cited preliminary data but requested anonymity as they were not authorized to speak publicly.
Russia has more barrels available for export due to refinery outages, some caused by Ukrainian strikes. In recent days, Ukraine has hit 10 refineries, temporarily disabling as much as 17% of Russia’s processing capacity.
According to Vortexa data, India imported 1.5 million barrels per day of Russian crude in the first 20 days of August, the same level as July but slightly below the January–June average of 1.6 million bpd. These volumes amount to about 1.5% of global supply and cover roughly 40% of India’s oil demand. China and Turkey also remain key buyers of Russian crude.
Earlier, it was reported that India and Russia plan to expand annual trade by almost 50% within the next five years, setting a goal of $100 billion as the two nations work to lower tariffs and deepen cooperation amid escalating tensions with the United States.
