India Increases Russian Oil Imports, Russia's Share Crosses 40% in May

New Delhi: India has significantly increased its crude oil imports from Russia despite threats of tougher sanctions and mounting pressure from the United States. According to official government data, Russia accounted for more than 40% of India's total crude oil imports in May 2026, the highest share recorded in the past two years.

Amid the ongoing conflict in West Asia, the Russian oil market has played a key role in ensuring India's energy security. Data released by the Union Ministry of Commerce and Industry shows that Russia continues to be India's largest source of crude oil despite global uncertainties.

India's total crude oil imports rose to 218.2 tonnes in May 2026. The country's oil import bill increased following the war launched by the US-Israel alliance against Iran at the end of February and the resulting surge in international crude prices. The price of crude oil increased from $64 per barrel in May 2025 to $106 per barrel in May 2026 in the international market. Despite the rise in global prices, the Russian market continued to supply crude oil to Indian refineries without disruption. In May, Russian crude accounted for 40.5% of the total import volume and 42.6% of the total import value, the highest level since mid-2024.

Indian refining companies have configured their refineries to efficiently process Russian crude. Experts at the Center for Social and Economic Progress say Russia is expected to remain India's most important and reliable energy partner in the coming years.

India also imports crude oil from countries including Venezuela and Iran. Oil imports from Venezuela rose to $984 million in May. India also imported crude oil from Iran after the United States granted a temporary waiver for Iranian oil exports. However, following renewed hostilities between the two countries, the US unilaterally revoked the waiver on July 7. The article argues that while such policies by Western countries contribute to instability in international markets, India's strong relationship with the Russian oil market continues to provide stability for its energy needs.