NEW DELHI: India remained the world’s largest destination for Russian crude oil in September, although imports fell nearly 29 per cent from July levels as Chinese refiners stepped up purchases and tightened the availability of Russian supplies, according to ship-tracking data from Kpler.India imported around 1.82 million barrels per day (bpd) of Russian crude in September, compared with China’s 1.49 million bpd. Indian imports had peaked at 2.6 million bpd in June and 2.57 million bpd in July before declining to 2.02 million bpd in August.The moderation comes amid US pressure on countries buying Russian oil, including through tariffs and sanctions. However, analysts say the decline in India’s purchases also reflects supply constraints and growing competition from China, rather than being solely a response to Washington’s actions.“The recent moderation in India’s Russian imports is not simply a response to US tariff pressure; tighter availability and stronger competition from China have also played an important role,” said Sumit Ritolia, senior manager (modelling) at Kpler.Chinese refiners have increased their purchases of Russian crude in recent months, partly because of reduced access to Iranian oil, adding to competition for available supplies.Based on cargoes currently being tracked, Kpler expects India’s Russian crude imports to remain broadly stable at around 1.8 million to 1.9 million bpd in October.US pressure over Russian oil, but a diesel deal with MoscowIndia’s continued reliance on Russian crude comes amid Washington’s efforts to discourage purchases of Russian energy. US President Donald Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law in September. The legislation authorises tariffs of up to 100 per cent on imports from countries buying Russian oil, but gives the president discretion over whether and how to apply them. India and China are among the major buyers potentially affected.However, Washington’s own approach to Russian energy has also shifted in response to rising fuel costs.On October 9, Trump announced an agreement with Russian President Vladimir Putin under which Russia would supply more than 300,000 tonnes of diesel to US and global markets, followed by additional shipments. The Trump administration also temporarily eased US sanctions on Russian fuel to facilitate the arrangement, which was aimed at increasing supplies and containing prices ahead of the November midterm elections.The move nevertheless drawn criticism from Ukraine and some European leaders, who argue that purchases of Russian energy could provide Moscow with additional revenue during its war against Ukraine.Meanwhile, alongside Russian supplies, Venezuelan crude has regained a place in India’s import mix this year after remaining largely absent in recent years. Shipments began accelerating from April, according to Kpler.Venezuela exported around 250,000 bpd of crude to India in August and 257,000 bpd in September. The US remained the larger destination, receiving approximately 452,000 bpd in August and 563,000 bpd in September.
