Russia takes new steps to avoid losing Indian buyers, Bloomberg says
Photo: Russia offers Indian refineries a big discount on its oil (Getty Images)
In recent days, Russia has increased oil discounts for Indian refineries in an effort to encourage purchases despite India’s trade deal with the United States, Bloomberg reports.
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According to the outlet, traders involved in the purchases say Russia’s flagship Urals grade is being offered at a price more than $10 per barrel below Brent, including delivery and other costs.
Data from analytics firm Argus, which estimates the discount at around $11 per barrel, shows that as of January 22, the figure stood at $9.15. The current discount is also at least three times higher than levels cited by traders before the United States imposed sanctions on Rosneft and Lukoil.
In addition, the size of the discount on Russian oil may vary depending on payment terms.
Drop in oil supplies to India
As early as December last year, Russian oil supplies to India showed a downward trend. They fell to around 1.2 million barrels per day, marking a three-year low, and declined further in January to an average of 1.12 million barrels per day.
In addition, in December 2025, Russia faced a sharp drop in crude oil production. At the same time, Russia’s overall oil exports fell to their lowest level since August 2025, partly due to reduced imports by India. At present, China remains the only accessible market for Russian oil.
Under US sanctions and pressure from Washington, Indian refineries are changing their oil procurement strategies. In particular, India plans to buy more oil from Middle Eastern countries and the United States.
Despite sanctions pressure, Russian oil exports have remained relatively stable. This is due to increased purchases by China, which have offset the decline in supplies to India.
