India’s Russian imports experienced a significant decline of 40.48% in January 2026, amounting to $2.86 billion compared to $4.81 billion in January 2025. This reduction is primarily due to Indian refiners significantly decreasing their purchases of Russian crude oil.
Crude oil typically represents around 80% of India’s total imports from Russia. In January, the actual imports of Russian crude oil were approximately $2.3 billion, according to sources requesting anonymity. Although the government released trade data for January 2026, detailed data by product lines and countries remain pending.
The decline in Russian crude imports began in April 2025, coinciding with the US government’s announcement of Liberation Day tariffs. Additionally, Washington exerted pressure on India to cease buying Russian crude, leading to a drop in imports to $3.32 billion by September 2025. This trend aligns with statements from Indian refiners, including Reliance Industries Ltd, which declared no expected deliveries of Russian crude in January.
Looking ahead, the reduction in imports from Russia is anticipated to continue as Indian refiners explore cheaper alternatives like Venezuelan crude. The Trump administration recently lifted a 25% punitive tariff on Indian goods after India agreed to stop importing Russian oil and to resume energy purchases from Venezuela. Historically, India was a major buyer of Venezuelan crude until geopolitical factors halted imports in 2021-22.
Russian crude supplies to India surged from zero in 2011-12 to over $50 billion by 2024-25. However, the current geopolitical landscape suggests a strategic pivot towards Venezuelan crude, potentially reshaping India’s energy trade dynamics.
Published in SouthAsianDesk, February 19th, 2026
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