In February, state-run Indian Oil Corporation (IOCL) bought the highest volume of Russian crude at 403,000 bpd, followed by Russia-backed Nayara Energy at 369,000 bpd, Bharat Petroleum (BPCL) at 177,000 bpd and Mukesh Ambani-led Reliance Industries (RIL) at 161,000 bpd, data showed.
Other Indian refiners, including Hindustan Petroleum Corporation (HPCL), Mangalore Refinery and Petrochemicals (MRPL) and HPCL-Mittal Energy (HMEL), did not buy Russian oil in February 2026.
Despite strong volumes, India’s Russian oil purchases have fallen roughly 50 per cent from the peak levels of almost 2 million bpd recorded earlier. The sharp drop came as refiners, mainly RIL, have significantly cut Russian oil purchases to avoid violating sanctions imposed by the West. RIL was the biggest buyer of Russian oil among Indian refiners until November 2025.
After announcing the India-US trade deal earlier in February, an Executive Order issued by the White House stated that India had committed to stopping direct or indirect imports of Russian oil. However, the Indian government has not verified the claim.
US President Donald Trump also recently said India would buy more energy from the US, and potentially Venezuela, to replace Russian oil, adding that the move would “help end the war in Ukraine”.
Trump had also imposed sanctions, from November 21, on two major Russian oil producers — Rosneft and Lukoil — which together accounted for about 60 per cent of India’s oil imports from Moscow. In parallel, under the EU’s 18th sanctions package, the bloc banned imports of refined oil products derived from Russian crude.
To replace lost Russian oil barrels, India has ramped up purchases from its traditional suppliers in West Asia, including Iraq, Saudi Arabia, and United Arab Emirates (UAE). In February, India imported 1 million bpd of crude oil from Iraq, 991,000 bpd from Saudi, 590,000 bpd from UAE and 315,000 bpd from Brazil.
Meanwhile, crude oil imports from the US remain at 184,000 bpd in February 2026, as against 297,000 bpd in the previous month.