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Russia working to circumvent sanctions to ensure India oil imports continue

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Published20 MAR 26 - 13:55 Reading time  minutes

He was echoed by June Goh, a senior oil market analyst for Sparta Commodities. “The discount is just too attractive for the Indian refiners not to buy the oil,” she said. Goh said this expectation had also been reflected in the response from the global oil market. “Initially, when things blew up, we saw oil prices rising quite significantly,” she said. “However, we have now seen prices falling off. The market just doesn’t believe that this sanctions enforcement will likely take place in a big way.”

Reuters, Jan 13, 2026 – US sanctions briefly slowed India’s Russian crude imports, but the market expects flows to recover as Russia restructures supply chains using new intermediary exporters. Discounts on Russian barrels remain deeply attractive versus Middle Eastern grades, reinforcing Indian refinery demand and limiting upside risk to flat prices. The market reaction suggests low confidence in sustained enforcement, keeping bearish pressure on crude despite geopolitical headlines.

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James Noel-Beswick

Commodity Owner

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