SANJAYA
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Country focus
Eurasia
Post-2022 swing crude supplier; surge during 2026 crisis
Russia became India's #1 crude supplier post-2022, displacing Iraq. During the 2026 Hormuz crisis, Russian crude imports surged ~90% — the combined effect of the US 30-day waiver (6 March, expired 4 April), pre-cutoff cargo absorption, and Indian refiners' processing capacity. India is among the five nations granted Iranian vessel exemption. PIB pushback on conditionality framing: 'India has never depended on permission from any country to buy Russian oil.' ONGC Videsh holds Sakhalin-1 (20%) and Vankor stakes.
Diplomacy in the energy sector
India's Russian crude policy operates on energy pragmatism: discount-driven sourcing within G7 price-cap mechanics, layered with INR-AED settlement and selective payment routing. The 2026 Bessent waiver and its expiry framed the live tension between India's procurement reality and Western sanctions architecture. India is in the five-nation vessel exemption alongside Russia.
Key points
India relations
Reliance, Nayara, IOC, BPCL, HPCL, MRPL all source actively. Nayara Energy is Rosneft-linked. ONGC Videsh holds Sakhalin-1 (20%) and Vankor exposure. Russian crude routed via Cape of Good Hope post-2024 (Houthi attacks limited Suez through 2025).
Geopolitics
BRICS alignment vs G20 contradiction with Western partners. India's quiet realpolitik over public position. The 2026 crisis inverted the typical 'India under US pressure' framing into 'US asking India for help' (Wright statement).
Major companies
Russia's largest state oil major. OFAC-sanctioned.
India ties · Stake in Nayara Energy (Vadinar 20MMTPA refinery + retail outlets). Term flows into Indian PSU buyers.
Gazprom's oil arm. OFAC-sanctioned.
India ties · Term crude flows; smaller Indian exposure than Rosneft.
Russian state-shipping operator. OFAC-sanctioned.
India ties · Sanctioned tanker operator; Indian ports apply enhanced port-state control.
20MMTPA Vadinar refinery; ~6700 retail outlets. Largest single private refinery in India.
India ties · Rosneft anchor stake; closest commercial linkage between Russian state oil and Indian downstream.
PSU upstream arm.
India ties · 20% in Sakhalin-1 (operator: Rosneft post-Exxon exit); Vankor stake.
Routes and players
via Cape of Good Hope (post-2022 routing)
Recent developments
2026-04-04
Treasury waiver expired at 12:01 AM Washington time; no confirmed renewal. Single biggest pending operational uncertainty for refinery feedstock planning.
Source: Inter-ministerial briefing, NMC, 4 April 2026
2026-04-04
Combined effect of waiver window, pre-cutoff cargo absorption, and Indian refiner processing capacity.
Source: PIB / MoPNG, 4 April 2026
2026-03-31
PIB statement: 'India has never depended on permission from any country to buy Russian oil.' Issued in response to Trump 31 March remark on countries with fuel trouble.
Source: PIB statement, 31 March 2026
2026-03-26
India alongside Russia, China, Iraq, Pakistan under Iranian Hormuz transit framework.
Source: PIB / NMC, 26 March 2026
2026-03-06
US Treasury Secretary Bessent issued temporary waiver allowing Indian refiners to purchase stranded Russian crude amid Hormuz disruption.
Source: PIB / MoPNG, 6 March 2026
Sources
Linked developments point to the source record held for that entry. Some country summaries, route descriptions, and static reference notes are authored context and may not carry a source URL. Dates belong to the individual development entries; absence of a link is not a claim of current verification. Where present, sources include Indian government records, company material, and public institutional records.