NEW DELHI: India’s crude imports from Russia surged in March, with purchases at practically Rs 5.3 billion (about $6.2 billion) in contrast with Rs 1.4 billion ($1.6 billion) the earlier month, amid the navy battle in West Asia and closure of the Strait of Hormuz.In its newest evaluation of Russian fossil gas exports and sanctions, Centre for Analysis on Vitality and Clear Air (CREA) mentioned India imported Rs 5.8 billion value of Russian hydrocarbons in March – the second-highest after China – as each volumes and costs elevated. Crude accounted for 91% of imports, adopted by coal and oil merchandise.The report added India’s whole crude imports fell 4% in March, however these from Russia rose 4 occasions.
State Refiners Largest Patrons Of Russian Gas
“The most important shift was in state-owned refineries’ imports from Russia, which noticed a large 148% month-on-month improve. Their imports have been in reality 72% greater than in March 2025, presumably attributable to Russian barrels being extra out there within the spot market,” it mentioned. Non-public refineries registered greater than 66% month-on-month improve.In Feb, India was the third-largest importer of Russian hydrocarbons after China and Turkiye, with purchases valued at Rs 1.8 billion and crude accounting for practically 81% (Rs 1.4 billion) of shipments. The worth and quantity of imports, nevertheless, might differ. Russian Urals have been earlier out there to India at a reduction, however costs surged because of the closure of Hormuz.Although India has been importing Russian barrels in giant volumes over the previous 4 years, shipments dipped in Jan and Feb earlier than surging once more in March after the US granted a one-month sanctions waiver to ease costs.