Russian oil sales to
India are set to remain near record highs in April and May
following a new U.S. sanctions waiver, and refiners have already
secured much of their supply needs via non-sanctioned entities
and vessels, traders said and data showed on Tuesday.
The robust exports to India – the second-largest buyer of
Russian crude after China and largest importer of its flagship
Urals grade – will likely help Moscow replenish state coffers
under pressure due to military spending for the war in Ukraine.
India shipped in a record 2.25 million barrels per day of
oil from Russia in March, nearly double February’s volumes,
making Russian oil 50 per cent of its imports.
Russian crude arrivals at Indian ports are set to reach 2.1
million bpd for the week of April 20 to 27, up from 1.67 million
bpd the previous week, data from shipping analytics firm Kpler
showed.
The mid-April dip in Russian oil supplies was likely caused
by export disruptions resulting from Ukrainian drone attacks on
Russian ports at the end of March, two sources said.
However, Russian supplies are expected to average more than
2 million bpd for the full month and will likely remain around
that level, or possibly increase, in May, three sources involved
in the trade said.
US extends sanctions waiver amid Iran war disruptions
Washington issued a 30-day waiver in mid-March for countries
to buy sanctioned Russian oil and petroleum products to help
stabilise global energy markets roiled by its war with Iran. It
renewed the waiver last week.
Despite the sanctions, which are intended to pressure Moscow
to negotiate a peace deal with Kyiv, Russian oil deliveries to
India have continued via non-sanctioned enterprises in the
supply chain, traders and analysts said.
Indian refiners had already been actively purchasing Russian
oil in April before the waiver extension was announced and
secured most of the volumes for May delivery as early as last
week, according to the traders.
Refineries in India were paying premiums of $7 to $9 per
barrel of Russian oil to the dated Brent for cargoes delivered
in May, similar to what they paid for April imports.
India has recently expanded the pool of Russian insurers
eligible to provide marine cover to ships docking at its ports,
increasing the number to 11 from eight, according to its
Directorate General of Shipping.
Published on April 21, 2026
