Russian Crude Oil Import: Taking a lesson from the crisis in the Middle East, India does not want to depend only on Gulf countries for the import of crude oil. Due to this, it is importing crude oil on a large scale from many other countries also. One of these is Russia.

According to a report by the Center for Research on Energy and Clean Air (CREA), in June 2026, India purchased hydrocarbons (fossil fuels) worth a total of 5.5 billion euros from Russia. Of this, 83% was from crude oil alone, which was worth 4.5 billion euros (49000 crore rupees). After its record-breaking purchase, India has become the second largest buyer of Russian oil in the world after China ($7.3 billion).

Russia earns less after exports increase

Due to increase in crude oil purchases from India, the export volume of Russian crude oil has also increased by 14%, but due to discount, the earnings from export of crude oil have decreased by 8% month-on-month to 348 million euros per day.

The report further said that overall, despite a 7% increase in Russia’s export volumes, Russia’s earnings from fossil fuel exports declined by 1% to 734 million euros per day. This means that even after selling oil to India and other Asian countries, there has been a decline of 8% in Russia’s revenue due to the softening of oil prices in the international markets and huge discounts.

India becomes refinery hub

India is buying oil from Russia at low prices, refining it and selling it as petroleum products in the US and European markets. The report also revealed that in June 2026, Britain received its first batch of jet fuel made from Russian crude from Reliance’s Jamnagar refinery under a government subsidy, worth about 63 million euros.

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Russian Oil News: The Strait of Hormuz has been blocked due to the ongoing tension between the US and Iran. Due to this, America has imposed a ban on buying crude oil from Iran. In such a situation, this question was arising in the minds of people that from where will the Indian government buy oil? However, the government itself has responded to this concern.

Will India buy oil from Russia?
Recently the Indian Petroleum Ministry had held a press briefing. In which Sujata Sharma, Joint Secretary of the Ministry, has told from where India will buy oil now. Talking about this, Sujata said, ‘Regarding the exemption given by America on Russia, I would like to make it clear that we have been purchasing from Russia even before the exemption, during the exemption and even now.’

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Decision depends on commercial consideration
During this, Sujata Sharma also told that the decision to buy crude oil depends on commercial consideration and availability of supply. He said, ‘This is completely commercial sense, which we should have at the time of purchase.’ During this, Sujata Sharma has also mentioned that there are abundant oil reserves in the country. There is no shortage of it anywhere.

Let us tell you that recently the prices of petrol and diesel have been increased in the country. The prices of both have increased by Rs 3 per liter. Which has completely affected the pockets of the common man. Due to the ongoing tension in the Middle East, the prices of crude oil are increasing in the international market. This is affecting inflation in India also. The government has also said that the times to come may be difficult. In such a situation, reduce oil consumption as much as possible.

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Amidst the ongoing tension with Iran in the Middle East, America has given a big relief to the Philippines which is struggling with energy crisis. The US administration led by President Donald Trump has approved the Philippines’ request to buy crude oil and petroleum products from Russia for the next one month. The Energy Department of the Philippines has officially announced this on Monday (April 27, 2026).

According to Reuters report, Alessandro Sales, Undersecretary of the Energy Department of the Philippines, said that this relief given by America will be applicable for the next one month i.e. from April 17, 2026 to May 16, 2026. This decision has been taken at a time when the ongoing tension between America and Iran in the Strait of Hormuz is affecting the oil supply globally.

Philippines has 54 days of energy reserve left

According to the report, the country’s Energy Secretary Sharan S. Garin said the Philippines currently has 54 days of energy reserve, but given the current situation, additional options were necessary. He said that the ban imposed on new coal projects in the country will continue, even though various business groups demanded the removal of this ban due to energy security risks related to the Middle East.

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Trump had given exemption to Philippines earlier also

According to Reuters report, America had also given permission to the Philippines to buy crude oil and petroleum products from Russia in the month of March, the deadline for which has ended on the 11th of this month i.e. April 11, 2026. However, America’s once again approving the Philippines’ request is a big relief for it.

Last week, US President Donald Trump had extended the exemption to buy crude oil from Russia to keep oil prices under control in the global market. This step of Trump benefited many countries of the world as well as India. Apart from this, Trump’s exemption brought a lot of relief to the Philippines.

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Russian Crude Oil: Due to the ongoing war between Iran and America, there is a shortage of crude oil and LPG in India. After which America gave India a 30-day ban exemption, which ended on April 11, 2026. After this, the big question now arises that from where will India buy it for its oil supply? However, now there are reports that India can buy Russian oil instead of Iranian oil.

India is not dependent on American sanctions
According to a Mint report, India will continue to purchase crude oil and LPG from Russia for its supplies. In this report, citing unnamed official sources, it has been said that India’s energy import strategy is an independent decision and it does not depend on US sanctions. However, America has not taken a decision to extend or renew the sanctions exemption. Indian refineries plan to continue the same procurement policy as before from non-restricted entities and companies.

Mint has quoted an official in its report as saying that giving relaxation in sanctions is America’s prerogative and it does not determine India’s import strategy.

Russia is ready to continue supplies
At the same time, there is no problem from Russia in continuing the supply of oil to India. According to Russian news agency Tass, Russian diplomat in India Denis Alipov had said that Russia is ready to supply as much oil as India wants. He had also said that no matter what changes take place in the world, we will continue to supply oil to India.

Restriction relaxation ended
America had given India a 30-day embargo exemption on buying Iranian oil, which has now ended. After this, the US Finance Department has shared a post on social media platform X (Twitter) and announced that it will take ‘economically stringent’ steps. The department has also announced that it is considering imposing additional secondary sanctions against any country that supports Iran’s activities. However, it did not mention anything about Russian oil and silently allowed this exemption to expire.

Russia has proposed to provide crude oil to Pakistan at cheap prices. Russian Ambassador to Pakistan Albert Khorev said in a press conference on Tuesday that Moscow is ready to supply oil at concessional rates if Islamabad formally approaches.

Pakistan should take advantage of the opportunity: Russia

Ambassador Khorev said, ‘We can give oil to Pakistan at a discount. Pakistan should take advantage of this opportunity. He stressed that no formal request has come from Pakistan yet, but Russia’s stance is completely positive.

This offer has come at a time when the Strait of Hormuz has been affected due to the Iran-Israel-America war. 20 percent of the world’s oil and gas is imported through this important sea route. Due to route blockage, the global energy crisis has deepened and the prices of petrol and diesel are skyrocketing in many countries.

Pakistan is facing energy crisis

Pakistan is already facing a huge energy crisis. After the start of the Iran war, the prices of petrol and diesel there have increased by more than 20 percent. The burden on the economy is increasing and common people are troubled by inflation. This offer from Russia can prove to be a big relief for Pakistan.

India’s discount ends, discount offered to Pakistan

The special thing is that Russia has recently almost abolished the discount given to India on subsidized oil. From 2022 to 2025, India was getting Russian oil very cheap, but now the price has reached $ 98-100 per barrel. At the same time, Pakistan itself is being offered increased discounts.

The Russian Ambassador said that the energy sector can become the strongest pillar of cooperation between the two countries, but for this Pakistan will have to take the initiative. Relations between Russia and Pakistan were not so good earlier, but relations between the two countries have improved in the last few years.

Russian ambassador targets America

In the press conference, Albert Khorev also criticized America for the Iran war. He said that the whole world is shocked by American actions. He described the attack on a school in Iran as ‘extremely condemnable’ and appealed for immediate peace. He stressed that all parties should avoid the use of force and resolve issues through diplomacy under the UN Charter.

If Pakistan accepts Russia’s offer, the pressure on its foreign exchange reserves may be reduced by getting cheaper oil. However, Pakistani refineries have been facing some technical challenges in processing Russian crude oil (which is heavy), so these issues may also come up in further talks.

Due to the ongoing war in Iran and increasing tension in the Middle East, there is a huge rise in the prices of crude oil. Recently, the price of oil in the global market had reached around $120 per barrel. It is still trading above $100 per barrel. This situation has increased the pressure on the economy of many countries, but Russia is getting a big economic benefit from it. Due to tension, the movement of ships through the Strait of Hormuz has been affected. This route is very important because about 20 percent of the world’s total oil trade passes through this route. Due to less supply, oil prices have increased rapidly in the market.

According to Kepler’s report, Russia is currently selling its oil at a premium price. Due to this, he is earning additional income of about 150 million dollars every day. It is estimated that if this situation continues then by the end of this month Russia’s earnings may reach about 4 billion dollars. Before the war started, Russian oil was being sold at a discount in the international market, but as soon as the supply through the Strait of Hormuz was affected, the demand for Russian oil increased rapidly. Meanwhile, Donald Trump has given 30 days exemption to some countries including India to buy Russian oil. However, Scott Besant says that Russia will not get much economic benefit from this.

Russia’s Ural crude price increases

According to oil market data, the price of Russia’s Ural crude has increased by almost 50 percent since the start of the war. According to shipping data, in February, Russia was sending about 3.18 million barrels of oil daily by sea, which increased to about 4.56 million barrels in March. Earlier, due to the sanctions of Western countries, Russia had to sell its oil about $ 10 per barrel cheaper than Brent Crude Oil, but now the situation has changed and Russian oil is being sold at a premium of about $ 5 per barrel.

Oil shortage in many countries of Asia

Due to the war in the Middle East, the concern about oil shortage has increased in many countries of Asia. In such a situation, countries like Pakistan, Bangladesh and Thailand are also considering buying Russian oil. Till now, about 93 percent of Russia’s marine oil exports have gone to China, India and Turkey. A rise in oil prices was again seen in the international market on Friday (13 March 2026). Brent crude oil closed at $ 103.1 per barrel, up 2.67 percent, while West Texas Intermediate rose 3.11 percent at $ 98.71 per barrel.

America attacks Kharg Island

Meanwhile, America has targeted some military bases of Iran in Kharg Island. Donald Trump has warned that if Iran does not stop its activities, more attacks could be carried out on its oil facilities. Experts say that if tensions increase further, oil prices may go up further in the future.

Russia-Iran Cut Oil Prices: A major change is being seen in the global oil market amid the Ukraine war and western sanctions. On one hand, India has reduced the purchase of crude oil from Russia in view of American pressure and the risk of higher tariffs/sanctions, while China is taking advantage of this opportunity to increase its reserves by purchasing cheaper oil from both Russia and Iran.

According to energy research firm Rystad Energy, India’s oil import from Russia may decline by about 40% compared to January to about 6 lakh barrels per day. This has reduced competition for Russian oil in the Asian market, which is benefiting China.

China benefits from cheap oil

According to reports, Russia’s Urals grade oil is selling about $12 per barrel less than ICE Brent, while Iranian Light is also about $11 per barrel below the global benchmark. Due to this, Chinese refineries are getting crude oil at cheaper rates. Although China’s private refineries (teapot refiners) have limited capacity and import quotas set by the government, they are still trying to make the most of the available opportunities.

Imports at record level

Russian oil arrivals at China’s ports rose to 2.09 million barrels per day in the first 18 days of February, up 20% from January and almost double from December, according to vessel tracking data. Iran has exported about 1.2 million barrels of oil per day to China so far this year, according to data firm Kpler, although that is about 12% less than the same period last year.

Additionally, Iranian oil reserves in tankers floating in the sea have reached about 48 million barrels, which is much more than 33 million barrels at the beginning of February.

Global Impact Experts believe that if India keeps away from Russian oil and China continues to buy cheaply, the balance of the Asian energy market could change. This could have a long-term impact on global oil prices, shipping routes and geopolitical equations.

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Russia on Wednesday (February 18) refuted Washington’s claim that India has agreed to stop purchasing Russian crude oil. Russia said it has no reason to believe that New Delhi has changed its stance on energy imports.

What did Maria Zakharova say?
Russian Foreign Ministry spokeswoman Maria Zakharova said at the weekly briefing that India’s purchase of Russian hydrocarbons is beneficial for both countries and helps maintain stability in the international energy market. He said, “We have no reason to believe that India has changed its stance on the issue of buying Russian hydrocarbons. There is nothing new in the claims of US President Donald Trump and US Secretary of State Marco Rubio, who have usurped the right to dictate to independent countries.”

Trump had claimed
This statement of Russia comes after Washington’s claim that New Delhi has committed to stop the import of Russian crude oil. US Secretary of State Marco Rubio had said last week that India has agreed to stop buying Russian oil. Recently, while announcing the trade agreement with India, US President Donald Trump had also claimed that India will no longer buy crude oil from Russia.

This statement came after the recent phone conversation between Prime Minister Narendra Modi and Trump. Later both sides announced to reduce the US tariff on Indian goods from 50 percent to 18 percent. This reduction also included the 25 percent tariff that Trump had imposed on India’s purchase of Russian oil in August last year.

India’s stand
India has neither confirmed nor denied Washington’s claim of stopping the import of Russian crude oil. New Delhi says that national interests will remain paramount in decisions related to energy purchase. Russia has earlier also accused America of stopping India and other countries from buying Russian oil and said that Washington is using pressure measures like tariffs and sanctions. Zakharova also criticized Ukraine’s European allies, saying they were not interested in a peace deal.

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Russian Crude Oil: US President Donald Trump has been trying to end the Ukraine war for several months. In this sequence, he imposed new sanctions on Moscow and warned of heavy tariffs to the countries buying cheap oil from Russia. It was also announced to impose an additional 25 percent tariff on India for purchasing concessional oil from Russia, which was later withdrawn. Although India has reduced the purchase of crude oil from Russia in recent months, on the contrary, China has increased its purchase.

Irrespective of Trump’s threats

Despite Trump’s warnings, China is buying record amounts of crude oil from Russia in February. It is believed that this is the third consecutive month when China’s Russian oil imports have increased significantly. Especially independent refiners are purchasing cheap Russian oil heavily. According to preliminary estimates by Vortex Analytics, about 2.07 million barrels of crude oil were being shipped daily from Russia to China in February, which is much higher than about 1.7 million barrels per day in January.

At the same time, according to Kpler data, this figure was around 2.083 million barrels per day in February, whereas in January it was 1.718 million barrels per day. On the other hand, India has cut Russian oil imports. According to Kpler data, India’s imports of Russian crude oil declined to about 1.159 million barrels per day in February.

India retreated, China increased purchasing

Due to decrease in demand, Russian oil prices softened further, taking advantage of which China increased imports further. According to news agency Reuters, since November, China has become the largest buyer of Russian crude oil. India had significantly cut oil purchases from Russia in November for the first time in two years due to increasing pressure on New Delhi over sanctions and trade agreements from Western countries.

Overall, while America is working on a strategy to isolate Russia economically, China is taking advantage of cheap Russian oil to strengthen its energy needs and strategic reserves.

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The Trump administration has clarified that the refund of 25% extra US tariff linked to Russian crude oil will be available only in those cases where duty was charged by mistake on shipments arriving after February 7. This is not a policy rollback or tariff relief, but a procedural fix to correct incorrect collection due to technical error. According to the US government, refunds will not be automatic, but will be evaluated on a case-by-case basis. Refund will be approved only after checking the import date, documentation and duty payment details. What this means is clear – there will be no extra tariff on future imports, but the duty already charged will be refunded only in eligible cases.