India’s Russian crude imports double in March amid West Asia conflict

India’s crude oil imports from Russia doubled in March, reaching nearly Euro 5.3 billion (about $6.2 billion), compared to Euro 1.4 billion ($1.6 billion) in February. This surge occurred as conflict in West Asia and the closure of the Strait of Hormuz disrupted global supply routes.

Key Highlights

• India’s Russian crude imports doubled to $6.2 billion in March
• Crude oil made up 91 percent of Russian imports to India
• State-owned refineries increased Russian imports by 148 percent month-on-month.
• Russian Urals crude prices surged after the Hormuz Strait closure

Import Surge and Market Impact

The Centre for Research on Energy and Clean Air (CREA) reported that India imported Euro 5.8 billion ($6.7 billion) worth of Russian hydrocarbons in March. This made India the second-largest importer after China. Both the volume and price of imports increased during this period.

Crude oil accounted for 91 percent of India’s Russian imports in March. The rest consisted of coal and oil lubricant products. In February, India ranked third among importers of Russian hydrocarbons, behind China and Turkiye. Purchases in February were valued at Euro 1.8 billion ($2.1 billion), with crude making up nearly 81 percent (Euro 1.4 billion, $1.6 billion) of the total.

Price Changes and Supply Disruptions

Earlier, Russian Urals crude was available to India at a discount. However, prices surged after supply disruptions caused by the closure of the Strait of Hormuz. The CREA report noted that US-Israel strikes on Iran and the closure of the Strait significantly benefited Russia’s fossil fuel exports in March.

Despite the overall increase in Russian imports, India’s total crude imports fell by 4 percent in March. The sharpest increase came from state-owned refineries, whose imports from Russia rose by 148 percent month-on-month. These imports were also 72 percent higher than in March 2025. The report attributes this to the greater availability of Russian barrels in the spot market, which is the main source for these refineries.

Context and Outlook

The ongoing conflict in West Asia and changes in global supply routes have shifted India’s import patterns. Russia has become a key supplier, especially as its crude becomes more available in the spot market. The CREA analysis highlights how geopolitical events can rapidly alter trade flows and pricing in the global energy market.

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CarBike 360 Says

​India’s surge in Russian crude imports this March reflects a calibrated response to West Asia’s volatility, balancing energy security with price-stability concerns. By diversifying its crude basket and leaning on discounted Russian barrels, New Delhi aims to cushion households and industry from external shocks, positioning the country as a pragmatic player in an increasingly fragmented global oil market.