India Reduces Russian Oil Imports, Eyes Venezuelan Crude; US Claims Disputed

• India has not stopped buying Russian crude oil, but significantly reduced imports in January by 40.48% to $2.86 billion.
• The decline is primarily due to Indian refineries cutting back on Russian crude purchases, which typically account for 80% of imports from Russia.
• Russian crude purchases peaked at $4.73 billion in April 2025, then declined after US pressure and tariffs.
• Indian refineries are now considering US proposals to buy cheaper Venezuelan crude oil, potentially accelerating the decline in Russian imports.
• India's crude imports from Venezuela, once a major source, are set to resume after being zeroed out due to sanctions, while Russian imports surged in recent years.