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India to Keep Buying Russian Crude Post-Waiver, Near Record Imports

5/19/2026

38 6 Full Breakdown

Summary

India Keeps Russian Oil

India will continue buying Russian crude oil after the U.S. sanctions waiver expired on May 16, Joint Secretary Sujata Sharma said.
Sharma said purchases depend on price, supply and energy security, not on the waiver that ended on May 16.
India expects to import about 1.9 million barrels per day of Russian crude in May, near a record, with analysts saying refiners will meet tighter documentation rather than shift sourcing.

Summary

India Reassures Supply

The ministry issued a May 18 statement reassuring Indian consumers of no crude shortage despite higher oil prices.
Sujata Sharma said contracts guarantee steady supply and that India’s energy plan prioritises commercial sense and cost-effectiveness.
The briefing listed Brent at $110.28 per barrel and WTI at $106.32 per barrel, indicating market volatility.
Officials said the lapse of a U.S. sanctions waiver will not affect energy costs.

History

Historical Context

After the 2014 annexation of Crimea triggered U.S. and EU sanctions that cut European oil purchases, Russia redirected crude to Asia, raising shipments to India by 30% to about 0.8 million barrels per day in 2015. Renewed EU bans and a 2022 price-cap failed to curb sales, so India’s 2024 reliance on Russian oil, noted by Joint Secretary Sujata Sharma, reflects a long-standing diversion strategy.

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India Keeps Russian Oil

India will continue buying Russian crude oil after the U.S. sanctions waiver expired on May 16, Joint Secretary Sujata Sharma said.
Sharma said purchases depend on price, supply and energy security, not on the waiver that ended on May 16.
India expects to import about 1.9 million barrels per day of Russian crude in May, near a record, with analysts saying refiners will meet tighter documentation rather than shift sourcing.

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