Russia's Share in India's Oil Imports Crossed 40% in May 2026 Even as Premium Pricing Continued

Russia accounted for more than 40% of India's crude oil imports in May 2026, according to data reported by The Hindu, marking a striking consolidation of Moscow's dominance in India's energy supply chain. The figure represents a remarkable transformation from the pre-2022 era, when Russia was a marginal supplier to Indian refiners.

What makes the May data particularly notable is the persistence of premium pricing. The conventional justification for India's heavy reliance on Russian crude has been the availability of steep discounts relative to benchmark prices. However, the latest numbers suggest that Indian refiners are continuing to absorb Russian crude in large volumes even as that pricing advantage has narrowed or, in some months, reversed.

Industry analysts have offered several explanations for this stickiness. Indian refiners — particularly state-owned giants — have optimised their equipment and logistics for Russian crude grades, making a swift pivot to other suppliers costly and operationally complex. Long-term supply arrangements and the development of dedicated payment and shipping channels have also entrenched the relationship.

The concentration of imports from a single source at this scale raises questions about energy security and geopolitical risk. With Western sanctions on Russian energy still in place and the broader geopolitical environment volatile, policymakers and refiners will need to balance the operational convenience of Russian crude against the risks of over-dependence. Diversification efforts toward Middle Eastern and African suppliers remain a stated priority, but the May data suggests the pace of change is slow.