Overview
- India is preparing to restart direct Russian liquefied natural gas sales for the first time since 2022, with negotiations reported to be close.
- Refiners could lift Russian crude to about 40% of total oil imports within weeks, according to people briefed on the plans.
- The pivot follows shipping snags through the Strait of Hormuz and a surge in oil and LNG prices that have strained Indian consumers and state-run energy firms.
- Data firm Kpler estimates India has taken roughly 45 to 50 million barrels of Russian crude since the Middle East conflict began, with March flows near 1.8 to 2.0 million barrels a day.
- Delhi has asked Washington for a sanctions waiver because larger Russian energy buys carry legal risk under Western measures.