India’s crude oil imports from Russia dipped slightly to 1.41 million barrels per day (mbd) in February 2025, down from 1.49 mbd in January, according to cargo tracking firm Vortexa.
Total crude imports for the month remained steady at 4.77 mbd, compared to 4.76 mbd in January. Vortexa predicts a further decline in Russian crude shipments in March and April, attributing it to U.S. sanctions imposed on January 10.
“The OFAC sanctions could lead to lower Russian crude imports, with Middle Eastern suppliers expected to bridge the shortfall,” said Ivan Mathews, Head of APAC Analysis at Vortexa.
The U.S. sanctions targeted Russian oil producers Gazprom Neft and Surgutneftegas, alongside 180 vessels in Russia’s shadow fleet, aiming to limit Moscow’s war-related revenues. To comply, Russian crude cargoes had to be shipped before February 27.
India, traditionally reliant on Middle Eastern oil, pivoted to discounted Russian crude post-Ukraine invasion in 2022. This strategic shift boosted Russia’s share of Indian crude imports from under 1% to nearly 40%.
Meanwhile, Russia’s oil and gas revenue plummeted 18.4% year-on-year in February to 771.3 billion roubles ($8.62 billion), with a 2.3% dip from January, reflecting the sanctions’ impact. These sectors remain Moscow’s primary revenue source, historically contributing up to half of its federal budget.
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