India's March crude import bill falls 4%, but up 4x from Russia

NEW DELHI: India's crude imports from Russia surged in March, with purchases at nearly € 5.3 billion (about $6.2 billion) compared with € 1.4 billion ($1.6 billion) the previous month, amid the military conflict in West Asia and closure of the Strait of Hormuz.In its latest analysis of Russian fossil fuel exports and sanctions, Centre for Research on Energy and Clean Air (CREA) said India imported € 5.8 billion worth of Russian hydrocarbons in March - the second-highest after China - as both volumes and prices increased. Crude accounted for 91% of imports, followed by coal and oil products.The report added India's total crude imports fell 4% in March, but those from Russia rose four times. "The biggest shift was in state-owned refineries' imports from Russia, which saw a massive 148% month-on-month increase. Their imports were in fact 72% higher than in March 2025, presumably due to Russian barrels being more available in the spot market," it said. Private refineries registered more than 66% month-on-month increase.In Feb, India was the third-largest importer of Russian hydrocarbons after China and Turkiye, with purchases valued at € 1.8 billion and crude accounting for nearly 81% (€ 1.4 billion) of shipments. The value and volume of imports, however, may differ. Russian Urals were earlier available to India at a discount, but prices surged due to the closure of Hormuz.Though India has been importing Russian barrels in large volumes over the past four years, shipments dipped in Jan and Feb before surging again in March after the US granted a one-month sanctions waiver to ease prices.