India Becomes Second Largest Buyer of Russian Oil

June 17, 2026

Recently, opposition parties in India raised the question: as a sovereign nation, who is the US to dictate which countries we should or should not buy oil from? This issue arose when the US, amidst the heat of the conflict, had granted India a one-month window to purchase oil from Russia but was not extending that permission beyond the initial month. Addressing this matter recently, External Affairs Minister S. Jaishankar stated that India would purchase oil from wherever it is available at the most affordable and accessible rates. We are purchasing oil from the US and Venezuela, and despite American pressure, we are also buying significant quantities from Russia. Recent data indicates a 21 % surge in oil imports from Russia. Currently, India is the second-largest buyer of Russian fuel, trailing only China. Despite the crisis in West Asia and pressure from the US, Indian refineries have further increased their procurement of fuel from Russia at cost-effective rates. In May 2026, India’s imports of crude oil and other fuels from Russia reached $6.7 billion. A European think tank reports an 8 percent monthon-month increase in India’s total crude oil imports in May. Crude oil accounted for 83 percent of India’s total imports from Russia. Imports of oil products and coal stood at €550 million and €429 million, respectively. Consequently, a rise in Russian crude oil imports has been recorded at major refineries in Gujarat. The Vadinar refinery saw a 36% increase in Russian oil intake in May compared to April, while the Jamnagar refinery recorded a 14 percent rise. While we have diversified our oil procurement sources— buying crude oil from Gulf nations in West Asia, Africa, and the US, and increasing purchases from Venezuela—the influx of Russian oil has reduced our reliance on American oil. This could be a source of dissatisfaction for the US at some level, no matter how much Trump continues to call India and Modi his friends.