India's Russian oil imports take a hit after US sanctions
India's Russian oil imports have dropped sharply in early January 2026, falling to 1.1 million barrels per day—down from 1.84 million just two months ago.
The big reason? Fresh US sanctions on top Russian oil companies Rosneft and Lukoil, which kicked in late last year.
Private companies back off, state refiners step up
Major players like Reliance Industries and HPCL-Mittal Energy (a joint venture between state-run Hindustan Petroleum Corporation Ltd and the Mittal Group) have stopped buying Russian oil this month because of the new compliance risks.
But state-owned companies are moving the other way—Indian Oil Corporation and BPCL have actually increased their Russian crude purchases, drawn by steeper discounts.
State-run firms now dominate
State refiners now make up about 60% of India's Russian oil imports, thanks to those $5-7 per barrel discounts.
This shift shows how global politics can shake up where India gets its energy—and why state-run firms are leaning into deals that private ones are avoiding right now.