India's largest private refiner, Reliance Industries, has purchased approximately 6 million barrels of Russian oil for March delivery, according to shipping and trade sources, underscoring New Delhi's continued energy pragmatism despite Western pressure to isolate Moscow.
The purchases, reported by Reuters, include multiple cargoes of Russian Urals crude, the flagship export grade that Western sanctions have sought to marginalize. The deal highlights India's strategic calculation: meeting energy needs for 1.4 billion people takes precedence over geopolitical alignments.
In India, as across the subcontinent, scale and diversity make simple narratives impossible—and fascinating. Since Russia's invasion of Ukraine in 2022, India has dramatically increased its purchases of Russian oil, transforming from a minor buyer to one of Moscow's largest customers. Russian oil now accounts for roughly 40% of India's crude imports, up from less than 2% before the war.
The arithmetic is straightforward: Russian crude trades at a significant discount to Middle Eastern and other benchmarks, offering Indian refiners like Reliance substantial cost advantages. For a developing economy where fuel prices directly affect inflation and political stability, these savings matter enormously. Indian refiners have saved an estimated $6-7 billion through discounted Russian oil purchases over the past two years, according to energy analysts.
India's position has drawn criticism from Western capitals, particularly Washington and Brussels, which view continued Russian oil purchases as undermining sanctions designed to deprive Moscow of revenue for its war effort. Yet has consistently defended its approach as consistent with international law—Russian oil purchases remain legal under current sanctions regimes—and as necessary for national development.
