In Ultimate Energy Swap, India Buys Crude From Russia, Russia Buys Back Refined Gas

NEW DELHI-Ukrainian drone attacks on Russian oil refineries have disrupted Moscow’s energy supply chains and pushed Russia to turn to India for refined fuel, adding a new two-way dimension to an energy relationship that has largely been driven by India’s purchases of Russian crude, according to an article.

Russian imports of Indian gasoline exceeded one million barrels during June-July, turning the largely one-way crude trade into a two-way energy relationship that could help narrow India’s trade deficit with Russia, said the article published in Eurasia Review by analyst Nikola Mikovic.

While India was previously on the periphery of Russia’s energy policy, it has now become a major part of Moscow’s energy relationship with Asia. After Europe cut imports of Russian oil, India became Russia’s second-largest crude buyer, with recent purchases estimated at about 1.8-2.8 million barrels per day, compared with around 84,000 barrels per day before 2022.

India, the world’s most populous country, is now the second-largest buyer of Russian oil globally. In 2024 and 2025, India imported $56.87 billion worth of crude oil from Russia, with daily volumes averaging between 1.8 million and 2.1 million barrels, Mikovic said in his article.

In August, according to reports, India bought almost two million barrels per day of crude oil from Russia, more than three times the amount it imported from its second-largest supplier, the United Arab Emirates.

The article also highlights India’s growing purchases of LPG and LNG from the US following the disruption in the Strait of Hormuz, as well as the country’s expanding renewable energy capacity. Mikovic said these developments give New Delhi greater room to manage its energy relationships with both Russia and Washington. (IANS)