New Delhis reported purchases of Russian crude more than tripled to $5.8 billion in March, from $1.54 billion in February, according to CREA

India's crude oil imports from Russia surged in March, data from a European think tank showed.

New Delhi's crude oil purchases from Moscow more than tripled in March to $5.8 billion from $1.54 billion in February, the Center for Research on Energy and Clean Air (CREA) said on Tuesday.

The surge came as shipment volumes doubled and a spike in oil prices pushed up India's import bill.

"India was the second-highest buyer of Russian fossil fuels in March 2026, importing a total of $6.38 billion of Russian hydrocarbons. Crude oil products constituted 91% of India's purchases, totaling $5.83 billion," the CREA report said.

India also imported coal worth $371 million and oil products amounting to $196 million in March, according to the report.

In February, India was the third-largest importer of Russian hydrocarbons, worth about $1.98 billion. Crude oil accounted for the largest share at 81%, or about $1.54 billion, followed by coal at $245 million and oil products worth $133 million.

The European think tank's report said India's total crude imports recorded an overall 4% reduction in March, though Russian imports surged.

The CREA said the spike followed the US granting a one-month sanctions waiver on Russian oil. The waiver covered cargoes already at sea and shipments on previously sanctioned vessels. The US said the move was to ease oil prices that surged after the Middle East conflict erupted.

New Delhi emerged as a key market for Russian oil after the Ukraine conflict escalated in 2022. It bought almost 2 million barrels a day in 2024 and nearly $44 billion of crude from Moscow last year.

(RT.com)