India confirmed on Saturday that it is continuing to import Russian oil following a temporary waiver granted by the United States. The government said it purchases crude oil from any source offering the most competitive prices, amid ongoing tensions along the Strait of Hormuz caused by the Iran-US-Israel conflict.
“Despite rising tensions on the Hormuz Route, India’s energy supply remains secure and stable. India has diversified its crude oil sources from 27 to 40 countries, ensuring multiple alternative supply routes. In the national interest, India purchases oil from wherever the most competitive and affordable rates are available,” the Centre said in a statement.
India reiterated that it has never depended on permission from any country to buy Russian oil. “India is still importing Russian oil even in February 2026, and Russia is still India’s largest crude oil supplier. For three years of the Russia-Ukraine war, India kept buying Russian oil despite US and EU objections. Imports increased significantly after 2022 due to discounted prices and refinery demand,” the statement said.
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The government also highlighted India’s energy reserves and capacity, noting that the country holds more than 250 million barrels of crude oil and petroleum products in reserves and across its supply chain, equivalent to seven or eight weeks of consumption. India’s total refining capacity of 258 million metric tonnes per annum exceeds current domestic demand.
The temporary US waiver allows oil from Russia already loaded on vessels at sea to be sold to India. The Centre said such a waiver does not change India’s consistent trade practices, emphasizing that the country is a net exporter of refined products and that these imports reinforce its energy security.
Global oil prices surged following the Middle East conflict, rising 8.5 per cent on Friday and nearly 30 per cent over the previous week. The increase followed comments by US President Donald Trump that only the “unconditional surrender” of Iran would end hostilities in the region.
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