The global energy market is proving more porous than Western sanctions intended. India’s appetite for Russian crude, specifically the primary Urals grade, is expected to hold steady at record levels through April and May. This persistence suggests that the economic architecture designed to isolate Moscow is being navigated through a combination of official U.S. exemptions and the agility of non-sanctioned shipping entities.
The scale of the trade is significant. In March, India imported a record 2.25 million barrels per day (bpd) from Russia—nearly double the volume of the previous month. This surge means Russian oil now accounts for roughly half of India’s total imports. While there was a brief dip in mid-April, analysts attribute this less to policy shifts and more to the tactical reality of the conflict: Ukrainian drone strikes on Russian ports in late March caused temporary logistical bottlenecks that are already beginning to clear.
For Moscow, these robust exports provide a critical financial lifeline, replenishing state coffers heavily strained by the ongoing military campaign in Ukraine. For New Delhi, the arrangement secures a steady supply of discounted energy. As long as the U.S. continues to grant specific exemptions and refineries successfully utilize a fleet of non-sanctioned vessels, the flow of Urals crude is unlikely to abate, highlighting the inherent limits of economic statecraft in a multipolar world.
With reporting from InfoMoney.
Source · InfoMoney
