Russia Stays India's Top Oil Supplier Despite Sanctions, Dec Volumes Plunge

• India's crude oil imports from Russia fell sharply in December to 1.14 mbd, the lowest in three years, due to sanctions on major Russian producers.
• Despite the decline from 1.84 mbd in November, Russia remained India's top crude supplier, accounting for roughly 25% of total imports.
• Sanctions on Rosneft and Lukoil led major Indian buyers like Reliance Industries and New Mangalore refinery to reduce direct purchases.
• Indian refiners shifted to alternative suppliers and explored non-designated Russian entities and opaque trading channels.
• Kpler analyst Sumit Ritolia notes Russian crude flows are being rerouted via intermediaries, with underlying demand remaining strong.

Why It Matters: Russia maintains its top crude supplier status to India, adapting to sanctions via indirect channels.