Indian Refiners Accelerate Russian Oil Purchases After US Sanctions Waiver

Indian refiners are actively acquiring Russian crude oil in a significant move that underscores evolving global energy trade dynamics. Over the past week, more than 14 tankers carrying Russian-origin crude—previously without confirmed buyers—have been identified as potential targets for Indian importers. These vessels, primarily carrying Urals and ESPO grades, are now routing toward Indian ports such as Jamnagar and Kandla, reflecting a strategic pivot by India’s refining sector. The shift follows a US waiver issued in February 2026, which allows certain countries to import Russian crude under specific conditions, easing prior restrictions tied to sanctions. India, already a major buyer of discounted Russian oil, is capitalizing on the relaxation to secure low-cost crude amid rising global demand. The country’s top refiners, including Reliance Industries and Indian Oil Corporation, have reportedly secured multiple cargoes, with volumes exceeding 4 million barrels in the past 10 days alone. This surge in demand has contributed to upward pressure on Brent crude futures, which traded above $86 per barrel as of early March 2026. The increase in Indian buying has also driven volatility in energy markets, with the CBOE Volatility Index (^VIX) spiking 12% week-over-week. Meanwhile, oil benchmarks such as CL=F (WTI) have seen a 7% rise over the same period, reflecting stronger sentiment around crude availability and demand resilience. The trend is expected to continue in Q2 2026, with Indian imports of Russian crude projected to reach 1.2 million barrels per day, up from 900,000 bpd in early 2025. This development strengthens Russia’s export viability despite Western sanctions and may prompt further adjustments in global supply chains. Energy exporters in the Middle East and West Africa are now facing intensified competition for Asian markets.