India-Russia Energy Ledger: Discounted Oil, Sanctions And Supply Shocks Shape A Pragmatic Partnership

Russian crude accounted for only about 2 per cent of India’s import basket before the Ukraine war. Heavy discounts offered from April 2022 rapidly altered that pattern, and Russia became India’s largest crude supplier from 2023 onwards. In 2025-26, India imported crude oil worth approximately ₹3.5 lakh crore from Russia, representing around 30.3 per cent of the country’s total crude imports.
Russian crude accounted for only about 2 per cent of India’s import basket before the Ukraine war. Heavy discounts offered from April 2022 rapidly altered that pattern, and Russia became India’s largest crude supplier from 2023 onwards. In 2025-26, India imported crude oil worth approximately ₹3.5 lakh crore from Russia, representing around 30.3 per cent of the country’s total crude imports.
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