India has imported €144 billion worth of Russian crude oil since Russia’s invasion of Ukraine on February 24, 2022, emerging as the second-largest buyer after China, per recent Centre for Research on Energy and Clean Air (CREA) estimates released January 5-7, 2026. Russia peaked at supplying 35-40% of India’s imports by mid-2023, shifting reliance from Middle Eastern sources amid discounts, but U.S. sanctions on Rosneft and Lukoil (effective November 22, 2025) prompted major refiners like Reliance Industries—India’s top buyer—to halt purchases, with no January 2026 deliveries expected, projecting imports below 1 million bpd from December’s 1.2 million bpd low. From New Delhi’s strategic lens, this curbs energy costs yet strains security via higher global prices and U.S. tariff hikes (to 50% by August 2025 under President Trump), complicating trade deals while balancing discounted supplies against secondary sanction risks amid Ukraine tensions. State refiners like IOC and BPCL persist cautiously with non-sanctioned sources.​