India remains number 2 Russian oil buyer in May

What Happened

• According to a report by the Centre for Research on Energy and Clean Air (CREA), India remained the second-largest importer of Russian oil in May 2026.
• India imported Russian hydrocarbons worth €5.8 billion ($6.7 billion) during May, with crude oil constituting 83% of the total volume.
• China remained the largest importer of Russian energy with purchases totalling approximately €7 billion ($8.1 billion) in the same period.
• Since the start of the Ukraine conflict in February 2022, India has imported approximately €144 billion worth of crude oil from Russia cumulatively.
• Russian crude has constituted roughly one-third of India's total oil imports for the 2024–2026 period, up from approximately 2% before February 2022.

Static Topic Bridges

India's Crude Oil Import Dependence and Energy Security

India is among the world's largest oil importers and consumers, with crude oil import dependence reaching approximately 88–89% of total domestic requirements as of 2025–26. Domestic production covers only about 15% of consumption, making import diversification a permanent strategic imperative. India imports from the Middle East (particularly Saudi Arabia, Iraq, UAE), Russia, the United States, and African producers. Nearly half of India's crude imports transit through the Strait of Hormuz, creating vulnerability to West Asian geopolitical disruptions.

India maintains Strategic Petroleum Reserves (SPR) through Indian Strategic Petroleum Reserve Limited (ISPRL), with an existing storage capacity of 5.33 MMT (million metric tonnes), equivalent to approximately 9.5 days of crude requirement. The government has approved expansion at Chandikhol (Odisha) and Padur (Karnataka), adding a combined 6.5 MMT that will provide approximately 12 additional days of cover. Total crude and product storage capacity stands at roughly 74 days when commercial stocks held by oil marketing companies are included.

The G7 Price Cap Mechanism and India's Position

Following Russia's invasion of Ukraine in February 2022, the G7 nations (Canada, France, Germany, Italy, Japan, UK, USA), the European Union, and Australia imposed a price cap on Russian seaborne crude oil. The mechanism, operationalised in December 2022, prohibits Western maritime service providers — including insurance, shipping, and financing companies — from facilitating the transport of Russian oil sold above $60 per barrel. The intent was to allow Russian oil to continue flowing to global markets (preventing supply shocks) while reducing Russia's revenue per barrel.

India, which is not part of the price cap coalition, has purchased Russian crude at significant discounts to Brent crude benchmarks — at various points between $7–$13 per barrel below Brent on a delivered basis. This discount has made Russian Urals crude highly attractive for Indian refiners, particularly since India lacks domestic crude of comparable quality. Western officials have acknowledged they have not formally asked India to reduce Russian oil purchases, as maintaining global supply stability is also a coalition objective.

India's Multi-Alignment and "Strategic Autonomy" in Energy Policy

India's approach to foreign policy, including energy sourcing decisions, is guided by the doctrine of "strategic autonomy" — the principle of maintaining independent decision-making and avoiding hard alignment with any bloc. India has consistently resisted binary choices in its energy policy: it has expanded purchases from Russia for economic advantage, simultaneously deepened energy ties with the United States (through LNG imports and civil nuclear cooperation), Gulf Cooperation Council states, and is building new corridors for green hydrogen trade with Europe.

India's position at international forums has been that energy security for a large developing economy requires pragmatic diversification rather than politically-driven supply restrictions. This stance has been a recurring point of discussion at G7 summits and bilateral meetings with Western partners, where India positions itself as voicing the interests of the Global South.

Key Facts & Data

• India's crude oil import dependence: ~88–89% of domestic requirements
• Russian crude share: ~33% of India's total crude basket (2024–2026)
• India's Russian oil imports since February 2022: ~€144 billion cumulative (CREA)
• May 2026 purchases: €5.8 billion total hydrocarbons; crude = 83% of total
• China's May 2026 Russian energy purchases: ~€7 billion (largest buyer)
• G7 oil price cap: $60/barrel ceiling, operationalised December 2022
• India's SPR capacity: 5.33 MMT (~9.5 days); total storage ~74 days
• Strait of Hormuz: ~50% of India's crude imports transits this route