India buys 60 million barrels of Russian oil as Hormuz disruption tightens supply: Report
The buying was enabled by a US waiver that allowed India to take delivery of Russian crude already loaded onto vessels before March 5
- Mar 25, 2026,
- Updated Mar 25, 2026 5:47 PM IST
India has bought about 60 million barrels of Russian oil for delivery next month, as refiners move to secure supplies amid disruptions due to the near closure of the Strait of Hormuz, Bloomberg reported on Wednesday, citing sources.
Also read: India doubles down on nuclear energy ties with Russia
The purchases come as flows through the Strait of Hormuz remain constrained, tightening global supply chains and raising concerns for import-dependent economies like India.
The cargoes were booked at premiums of $5 to $15 a barrel to Brent, the report said. The volume is similar to this month’s purchases but more than double the levels seen in February, according to data intelligence firm Kpler.
Also read: Why India will look at Australia, Russia over US for LNG
The buying was enabled by a US waiver that allowed India to take delivery of Russian crude already loaded onto vessels before March 5, as part of efforts to offset shortages caused by the effective closure of Hormuz. The waiver was later expanded to include cargoes already at sea before March 12 and extended to other countries.
India, which relies heavily on imported crude, had emerged as a major buyer of discounted Russian oil after the Ukraine war began in 2022. However, purchases had declined sharply in recent months under US pressure, with refiners turning to supplies from Saudi Arabia and Iraq.
Much of that supply has since been affected by the conflict, with shipments getting trapped inside the Persian Gulf following the outbreak of the war.
Officials in New Delhi expect the US waiver to remain in place as long as disruptions in the Strait of Hormuz continue, according to the report. Refiners, including Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd., which had stayed away from Russian crude since December, have now returned to the market.
India is also diversifying its sourcing strategy. Purchases of Venezuelan crude for April delivery are projected at about 8 million barrels, the highest since October 2020, according to Kpler data.
India has bought about 60 million barrels of Russian oil for delivery next month, as refiners move to secure supplies amid disruptions due to the near closure of the Strait of Hormuz, Bloomberg reported on Wednesday, citing sources.
Also read: India doubles down on nuclear energy ties with Russia
The purchases come as flows through the Strait of Hormuz remain constrained, tightening global supply chains and raising concerns for import-dependent economies like India.
The cargoes were booked at premiums of $5 to $15 a barrel to Brent, the report said. The volume is similar to this month’s purchases but more than double the levels seen in February, according to data intelligence firm Kpler.
Also read: Why India will look at Australia, Russia over US for LNG
The buying was enabled by a US waiver that allowed India to take delivery of Russian crude already loaded onto vessels before March 5, as part of efforts to offset shortages caused by the effective closure of Hormuz. The waiver was later expanded to include cargoes already at sea before March 12 and extended to other countries.
India, which relies heavily on imported crude, had emerged as a major buyer of discounted Russian oil after the Ukraine war began in 2022. However, purchases had declined sharply in recent months under US pressure, with refiners turning to supplies from Saudi Arabia and Iraq.
Much of that supply has since been affected by the conflict, with shipments getting trapped inside the Persian Gulf following the outbreak of the war.
Officials in New Delhi expect the US waiver to remain in place as long as disruptions in the Strait of Hormuz continue, according to the report. Refiners, including Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd., which had stayed away from Russian crude since December, have now returned to the market.
India is also diversifying its sourcing strategy. Purchases of Venezuelan crude for April delivery are projected at about 8 million barrels, the highest since October 2020, according to Kpler data.