India maintained steady imports of Russian crude in August, despite growing scrutiny following the U.S.’s late-July warning about enforcing secondary sanctions. According to Kpler, India imported 1.6 million barrels per day (bpd) of Russian oil in August, unchanged from July but down from June’s peak of 2.1 million bpd. Kpler’s Sumit Ritolia explained that these imports were likely contracted earlier, before any potential policy changes, with any refiners’ response likely to be reflected only by September or October.
India is maintaining a balance between discounted pricing and supply diversification. Iraq was the second-largest oil supplier in August at 714,000 bpd, followed by the UAE and Saudi Arabia. Private refiners like Reliance and Nayara imported 1.56 million bpd, while public refiners brought in 2.78 million bpd.
Although Russian loadings for August appear 40% lower, vessel movements through the Suez Canal suggest final destinations are still uncertain. Indian refiners continue to buy Russian Urals crude, now priced at a ~$3/bbl discount to Brent.
Refiners are diversifying—not to abandon Russian oil, but to safeguard against risks amid U.S. sanctions. Without official curbs from Delhi, Russian barrels remain attractive, but the shift is towards risk management over pure margin chasing.
