India keeps buying Russian oil—sanctions or not
Despite Western sanctions, India's imports of Russian crude actually went up in November, hitting an average of 1.77 million barrels a day—a 3.4% jump from October.
December numbers are still rolling in, but they're expected to stay strong, possibly averaging around 1.5 million barrels per day by month's end.
Why is this happening?
Indian refiners are stocking up before new US sanctions hit Russian oil giants Rosneft and Lukoil.
Big state-run companies like IOC are back to old buying levels, while Bharat Petroleum and Hindustan Petroleum are lining up even more cargoes for January.
How is the oil still flowing?
Private player Nayara Energy keeps importing Russian crude, while Reliance Industries has paused fresh deals after a big December shipment.
Insiders say Indian buyers use domestic market swaps and non-sanctioned firms to keep the oil moving—and they're scoring discounts of about $6 per barrel under Brent prices.