India's Russian oil imports jumped by 1,000 per cent following 2022 Ukraine invasion, new analysis reveals

India's importation of Russian crude oil reached an average of 1.6 million barrels per day, or an increase of 1,000 per cent, in the more than two years since the February 2022 invasion of Ukraine.

Recent analysis by shipping organisation BIMCO reveals that 40 per cent of India's crude oil imports during the period between June and August of 2024 was sourced from Russia.

India had earlier relied on the Persian Gulf states for 70 per cent of its seaborne crude oil imports. However, following the invasion of Ukraine and the sanctions subsequently imposed by the West, Russia sought out new buyers. With India having found a new major source of oil, its seaborne crude imports from the Gulf region dropped significantly to around 45 per cent.

Niels Rasmussen, Chief Shipping Analyst at shipping organisation BIMCO, said that the trade of crude between India and Russia "is likely to continue at the current level" if present sanctions against the latter remain in place.

He added, however, that the International Energy Agency expects Indian oil demand to continue to increase while Russian production "is unlikely to rise." India may then be compelled to seek other exporters.