India's Russian Crude Imports Decline Amid Price Caps and Geopolitical Pressures

India's imports of Russian crude oil declined sharply by 29% month-on-month in December 2025, reaching the lowest levels since the price cap policy began, with Reliance's Jamnagar refinery and state-owned refineries reducing intake. Despite this, Russia remains a major supplier, accounting for about 35% of India's oil imports in 2024. India was displaced from the second-largest buyer of Russian fossil fuels by Turkiye in December but continues to rely on discounted Russian crude amid geopolitical pressures and diverse global suppliers.