India's Russian Crude Imports Plummet in Dec, Lowest Since 2022; Temporary Dip Expected

• India's Russian crude imports fell sharply in December to 1.2 million bpd, lowest since Dec 2022, down from 1.84 million bpd in November.
• The decline is linked to US sanctions on major Russian exporters Rosneft and Lukoil, causing some Indian refiners like Reliance Industries to pause purchases.
• Analysts view the drop as a temporary adjustment; imports are expected to recover from January as new intermediaries and trading channels emerge.
• Despite the dip, Russia remained India's largest crude supplier in December, though its share slipped to under a quarter of total imports.
• India continues to import Russian crude due to pricing economics and refinery compatibility, using non-sanctioned entities and opaque channels.

Why It Matters: India's Russian crude imports saw a temporary dip in Dec due to sanctions, but recovery is expected.