India to Boost Non-Sanctioned Russian Oil Imports on High Discounts

• India may increase crude oil imports from non-sanctioned Russian entities due to high discounts ($5-$6 per barrel).
• Analysts project India could import 0.8-0.9 million Bpd from these entities in coming months.
• Russian crude imports to India fell by nearly 50% in November after US sanctions on Rosneft and Lukoil.
• Most Indian refiners stopped importing from sanctioned Russian firms post-November 21, except Nayara Energy, which is partly owned by Rosneft.
• Buyers may use non-sanctioned entities and opaque channels to continue purchasing cost-competitive Russian oil, with recent tanker activity showing diversions and Ship-to-Ship transfers.

Why It Matters: India's energy strategy adapts to sanctions, securing cheaper Russian oil.