India's Russian Oil Imports Triple to 5.3 Bn Euro as US Sanctions Waiver Ignites Buying Binge

India's appetite for Russian crude oil has surged dramatically, with purchases more than tripling to 5.3 billion euro in March. This massive spike in imports was accompanied by a doubling of volumes, fueled by both high oil prices and the relaxation of global sanctions.

European think tank Centre for Research on Energy and Clean Air (CREA) revealed that following a dip in February, India quickly returned to a significant buying binge in March. In fact, India was recorded as the second-highest buyer of Russian fossil fuels in March 2026.

Quantifying the Steep Increase in Russian Imports​

India purchased a total of EUR 5.8 billion worth of Russian hydrocarbons during March 2026. Within this total, crude oil products accounted for 91 per cent, totaling EUR 5.3 billion. The remaining imports consisted of EUR 337 million in coal and EUR 178.5 million in oil products.

This massive surge contrasted sharply with February, when India was the third-largest importer, purchasing Russian hydrocarbons worth 1.8 billion euro. While India's total crude imports saw a 4 per cent reduction month-on-month, the overall Russian imports doubled.

US Waiver Sparks Resumption of State Refineries' Buying​

The primary catalyst for the sharp upward movement was the United States granting a one-month sanctions waiver on Russian oil. This waiver specifically covered cargoes already at sea and shipments on previously sanctioned vessels, aiming to ease spiked prices.

The move prompted state refiners, who had previously paused Russian oil purchases, to resume their activities. CREA noted that the biggest shift occurred among state-owned refineries, which saw a massive 148 per cent month-on-month increase in imports.

These state-owned refineries’ imports were reportedly 72 per cent higher than those recorded in March 2025. This increased activity is attributed to the greater availability of Russian barrels in the spot market, which remains the main source of supply for them.

Global Market Dynamics and India's Role​

India’s expanded role in the market was noted by CREA, which reported that in March, China purchased 51 per cent of Russia's crude exports. India secured the second position with 38 per cent of the exports, followed by Turkiye at 6 per cent, and the European Union at 1.8 per cent.

In February, India was third in line for Russian oil imports, behind China and Turkiye. Globally, Russia remains heavily reliant on Asian markets, with 90 per cent of its total crude exports delivered to China and India in the first quarter of 2026.

Implications Amid EU Sanctions​

Despite the European Union's ban on importing oil products made from Russian crude since January 21, 2026, tracking data shows continued trade. In March, 14 shipments of oil products from refineries using Russian crude unloaded at EU ports.

CREA identified that nine of these shipments departed from Turkiye's refineries, four from India, and one from Georgia. Meanwhile, refineries in India, Turkiye, Brunei, and Georgia exported EUR 830 million of oil products to sanctioning countries in March 2026.

The United States imported such products from the Jamnagar refinery in India and the STAR refinery in Turkiye. As much as 39 per cent of the STAR refinery and 25 per cent of the Jamnagar refinery's feedstock came from Russia during March.