NEW DELHI: India’s crude oil imports from Russia declined marginally to 1.41 million barrels per day (mbd) in February 2025, down from 1.49 mbd in January 2024, according to cargo tracking agency Vortexa.
The country’s total crude imports in February stood at 4.77 mbd, remaining largely unchanged from 4.76 mbd in January.
Vortexa anticipates a further decline in Russian crude imports in March and April, citing sanctions imposed by the U.S. Office of Foreign Assets Control (OFAC) on January 10.
“Imports of Russian crude could decrease in the coming months due to the OFAC sanctions. We expect Middle Eastern suppliers to fill the gap,” said Ivan Mathews, Head of APAC Analysis Vortexa.
On January 10, the U.S. imposed fresh sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, along with approximately 180 tankers from Russia’s so-called shadow fleet. The move aimed to curb Moscow’s revenue, which Washington claims is being used to finance the war against Ukraine. Under these sanctions, Russian oil cargoes had to be shipped by February 27 to comply with the new restrictions.
India, which has traditionally sourced its oil from the Middle East, significantly increased its imports from Russia following the Ukraine invasion in February 2022. This shift was driven by steep discounts on Russian crude due to Western sanctions and declining European demand. As a result, Russia’s share of India’s crude imports surged from less than 1% to nearly 40% in a short span.
Meanwhile, Russia’s oil and gas revenue fell 18.4% in February to 771.3 billion roubles ($8.62 billion) compared to the same period last year, according to data from the Russian Finance Ministry. Revenue also dropped 2.3% from January, reflecting the impact of sanctions and shifting market dynamics.
Oil and gas remain Russia’s largest source of revenue, historically contributing between one-third and half of the country’s federal budget over the past decade.