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India Cuts Russian Crude Deal, Imports Surge 70% Since February

Bloomberg Markets •
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India's oil imports from Russia have jumped 70% since February, a dramatic shift that shores up Moscow's energy revenue as Western sanctions falter. New Delhi has become Russia's most reliable crude buyer, absorbing barrels European refiners once took, while the Kremlin benefits from elevated global oil prices tied to Middle East tensions.

The surge reflects India's willingness to purchase discounted Russian crude despite geopolitical friction with Washington. India's oil imports from Russia jumped 70% since February, giving Moscow a stable export destination. That steady flow matters for refiners managing crude budgets and for the Kremlin, which needs volume to replace lost European contracts.

Russia's crude exports to India surged alongside Iran war tensions, which support higher benchmark prices. Moscow banks on this demand shift, while Indian refiners enjoy lower input costs. The trade pattern signals a realignment of global energy flows under pressure from sanctions and geopolitical uncertainty.