India Defies US Pressure, Government Firms Boost Russian Oil Imports

• Despite US pressure under Donald Trump, Indian government oil companies significantly increased crude oil purchases from Russia.
• Indian Oil Corporation (IOC) led the surge, buying an average of 470,000 bpd in January 2026, its highest level to date.
• Public sector refineries capitalized on a substantial discount of approximately $7 per barrel on Russian oil, nearly triple the mid-2025 discount.
• Nayara Energy, backed by Rosneft, became entirely dependent on Russian oil due to EU sanctions, purchasing 469,000 bpd.
• India saved an estimated $17 billion between 2022 and 2025 by buying discounted Russian crude, despite recent US sanctions impacting overall imports.

Why It Matters: Indian state-owned oil companies, led by IOC, significantly increased Russian oil imports, leveraging deep discounts despite US pressure.