India’s oil imports from Russia fell to 44-month low in January 2026, Gulf countries saw rising share

India's oil imports from Russia hit a 44-month low in January 2026, while Gulf countries' supply share increased amidst rising prices.

India continued its strategy of reducing Russian oil imports and instead sourcing more from the Gulf countries and the U.S. in January 2026 as well, the latest official data shows, with Russia’s share in India’s oil imports falling to less than 20% for the first time since May 2022. 

However, events over the last week could render this strategy costly for India. A potential trade deal with the U.S. — allegedly the main reason for India reducing cheap Russian oil imports — is in limbo following the U.S. Supreme Court’s February 20 decision striking down that country’s reciprocal tariffs. 

Further, oil supplies from the Gulf and the U.S. are currently at risk following the conflict with Iran that started on February 28. Oil prices, too, have started rising sharply.

An analysis of the latest preliminary data from the Ministry of Commerce and Industry shows that India imported $1.98 billion worth of crude oil from Russia in January 2026, the month before India and the U.S. issued a joint statement about an interim trade agreement between the two countries. This was also the lowest in 44 months. 

With this, Russia’s share in Indian oil imports fell to 19.3% in January 2026, the lowest since December 2022. For context, Russia’s share was 27.5% two months earlier, and 33% in May 2025.

While the Indian government has maintained that it decides on its energy sourcing based on independent strategic and energy security considerations, the U.S. administration has repeatedly linked the lowering of tariffs on Indian imports and the trade deal with India’s cutting down of oil imports from Russia and increasing them from the U.S.