Some of India's major oil refining companies are actively looking for new shipments of Russian oil, despite sanctions risks and Western pressure.
Points of attention
- Indian oil refining companies like Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. are actively seeking new shipments of Russian oil despite sanctions risks and Western pressure.
- On the other hand, Reliance Industries Ltd. has significantly reduced imports of Russian oil due to fears of US and EU sanctions, raising questions about future sales markets for Rosneft.
- Despite declining import volumes, Indian companies continue to buy Russian oil even on 'gray' routes, maintaining demand and raising concerns about the impact of the Trump administration's push for a reduction in cooperation between India and Russia.
India is buying Russian oil again
According to the newspaper's sources, state-owned Indian Oil Corp. and Bharat Petroleum Corp. have purchased about 10 batches of unauthorized Russian oil. Hindustan Petroleum Corp. expects deliveries in January.
Another major importer, Nayara Energy, continued to buy even after the EU blacklisted the company. Together, these four companies accounted for more than 60% of India’s total oil imports in 2025, according to Kpler.
However, the biggest intrigue is the absence of Reliance Industries Ltd. on the market.
The conglomerate, which until recently was the main buyer of Russian oil in India, has virtually stopped importing, even under a long-term contract with Rosneft for 500,000 barrels per day.
According to sources, the company fears being subject to US and EU sanctions.
Russian oil prices for Indian traders are currently at $40-45 per barrel, which maintains demand even on “gray” routes.
Russian crude oil imports to India are expected to decline from a peak of 2 million barrels per day (in June) to 1.3 million in December, and even lower in January.
Despite the reduction in volumes, the question remains: will these cuts satisfy the Trump administration?
Washington accuses India of financing Russia's war and insists on a radical reduction in cooperation with the Kremlin. A trade agreement between the US and India has still not been signed.
Kpler analysts note that Reliance is expecting another shipment, the tanker Aqua Titan, which is due to arrive at the port of Jamnagar on December 17. However, with many ships passing through the Red Sea without any signals, it is possible that other cargoes could still be heading to India.
If Reliance finally moves away from Russian oil, Rosneft will be forced to look for new sales markets.
Recall that in October, the United States imposed sanctions on Russian energy giants Rosneft and Lukoil. After the announcement of these restrictions, the market value of both corporations dropped sharply, and the companies were forced to start selling foreign assets.
