India’s Russian Oil Imports to Hit 3-Year Low as US–EU Sanctions Bite

India’s two-year dependence on discounted Russian crude is facing a major setback. Reports indicate that December imports are projected to slump to just 600,000–650,000 barrels per day — a dramatic fall from November’s 1.87 million bpd, marking the lowest level in nearly three years.

The drop follows tightening sanctions pressure: fresh *US restrictions on Rosneft and Lukoil from November 21, Trump’s proposed 50% tariffs tied to energy alignment, and the EU’s January 2026 ban on fuels processed from Russian oil. The combined effect has triggered caution among Indian state refiners, hesitation from banks on Russia-linked payments, and a renewed shift toward US crude.

The big question now is whether this marks the beginning of the end of India’s Russian oil advantage.