India’s crude oil sourcing from Russia is undergoing a quiet but significant reshuffle, with shipments from state giant Rosneft falling sharply and a clutch
of previously obscure traders stepping in to fill the gap. Data from global analytics firm Kpler shows that in the first half of January, around 0.5 million barrels per day (bpd) — roughly 43% of India’s Russian oil imports — came from five traders that had not supplied a single cargo to India for nearly two years before December 2025. These include Redwood Global Supply, Vistula Delta, Ethos Energy, Alghaf Marine and Slavyansk ECO. Despite remaining India’s second-largest Russian oil supplier, Rosneft’s shipments have dropped dramatically. Its exports to India fell by about 75% from its 2025 annual average to nearly 225,000 bpd in the first half of this month. Last year, Rosneft supplied an average of 912,000 bpd, accounting for around 53% of India’s total Russian crude intake. That share has now slipped to just 19% of India’s Russian imports, which themselves are running about 30% below the 2025 average. Another sanctioned producer, Lukoil, has also seen a steep decline. Its supplies to India dropped to about 43,000 bpd in early January — an 84% fall from its 2025 average — reducing its share of India’s Russian oil basket to under 4%, from 16% last year. Meanwhile, RusExport has emerged as the single largest supplier, delivering roughly 255,000 bpd in the first half of the month, or about one-fifth of India’s Russian oil imports. Although RusExport has been supplying India steadily since May 2025, it had not shipped any cargoes to the country in the 16 months prior. Other new entrants have also ramped up volumes. Redwood Global Supply shipped about 200,000 bpd this month, Vistula Delta 145,000 bpd, Ethos Energy 74,000 bpd, Alghaf Marine 50,000 bpd and Slavyansk ECO 43,000 bpd. None of these traders had supplied India between January 2024 and November 2025. Of them, RusExport and Slavyansk ECO are Russian entities, while Redwood Global Supply, Alghaf Marine and Vistula Delta are linked to the UAE. Traditionally, Rosneft marketed crude from its own fields as well as production from smaller Russian producers. With Indian refiners becoming increasingly cautious about exposure to sanctioned entities, barrels from non-Rosneft fields now appear to be reaching India through alternative trading houses. This shift is also influencing buying strategies among Indian refiners. Reliance Industries, the country’s largest importer of Russian crude over the past year, did not lift any Russian cargoes in the first half of January. HPCL, HMEL and MRPL also stayed away from Russian supplies during this period. In contrast, Indian Oil, Rosneft-backed Nayara Energy and BPCL continue to receive Russian crude. The evolving pattern highlights how sanctions and compliance concerns are reshaping India’s Russian oil trade — not through an outright exit, but via a growing web of intermediaries and lesser-known suppliers.
