Russia oil’s unexpected staying power in India extends into 2026

For much of last year, discounted Russian oil made up the lion’s share of Indian purchases, a financial lifeline for Moscow that also shaved billions off New Delhi’s import bill. Then came US threats, tariffs, sanctions — and months of disruption.

But against the expectations of many in the market, those Russian flows have proved remarkably resilient. With discounts widening and a US trade deal still elusive, the new normal could include significant purchases well into 2026.