India Continues Russian Oil Imports Despite Expiry of US Sanctions Waiver

India has confirmed that it will continue purchasing crude oil from Russia despite the expiry of the United States sanctions waiver that had temporarily allowed countries to buy Russian oil from sanctioned entities.

Speaking on Monday, Sujata Sharma, Joint Secretary in the Petroleum Ministry, stated that India’s oil imports from Russia have continued before, during, and after the waiver period. She emphasised that the country’s decisions are based on commercial viability and energy security needs.

According to the government, India has secured sufficient crude supplies and does not expect any disruption in imports because of the waiver ending.

The US had initially issued a 30-day waiver in March allowing countries, including India, to purchase Russian oil cargoes already at sea. The exemption was later extended until May 16. During this period, Indian refiners were able to source crude from sanctioned Russian companies such as Rosneft and Lukoil.

Despite the waiver expiry, officials maintain that India’s energy supplies remain stable. The country has also increased crude purchases from alternative suppliers such as the United States, Venezuela, Oman, Brazil, and Angola as part of a broader strategy to diversify sourcing amid ongoing instability in West Asia.

Government data and industry estimates indicate that disruptions linked to tensions in the Persian Gulf and the Strait of Hormuz have forced many countries to reassess their energy procurement strategies.

Meanwhile, Indian state-run oil marketing companies continue to face heavy financial pressure due to rising global crude prices. Sujata Sharma said public sector oil companies are currently incurring losses of around ₹750 crore per day on petrol, diesel, and LPG sales combined.

The losses have reduced from nearly ₹1,000 crore per day after fuel prices were increased last week. Oil marketing companies recently raised petrol and diesel prices by ₹3 per litre nationwide to partially offset mounting under-recoveries.

Officials also clarified that the government is not currently considering any compensation package for oil marketing companies despite the continued financial burden.

India’s stance reflects its continued focus on maintaining affordable and uninterrupted energy supplies while balancing geopolitical pressures and global market uncertainty.