US waiver lets India become 2nd-largest Russian fossil fuels buyer
India shot up to become the world's second-largest buyer of Russian fossil fuels in March 2026, with total imports jumping to €5.8 billion, way up from just €1.8 billion in February.
This surge happened after a US sanctions waiver let Indian state refineries ramp up crude oil purchases, even as prices kept rising.
Asia receives 90% of Russia's oil
With Western sanctions on Russia, most of its oil is now heading to Asia: China and India together take 90% of shipments.
In March, Indian state refineries boosted their Russian imports by 148%.
Interestingly, despite European Union bans on Russian crude products, the EU still imported €304 million worth of oil products from refineries in India, Turkiye, Brunei, and Georgia combined last month, raising calls for tighter checks on these shipments.