Russia believes the recent drop in India’s oil imports from Moscow will be short-lived, with plans underway to resume supplies, Kremlin spokesperson Dmitry Peskov told Indian journalists on 2nd December.

India, the biggest buyer of Russian seaborne crude, has sharply reduced purchases due to tightened Western sanctions. This month, Indian imports of Russian oil are expected to fall to a three-year low. This comes after the US sanctioned major Russian producers Rosneft and Lukoil.

Despite the dip, Russia remains a key energy partner for India. Peskov said both countries need to build trade mechanisms that remain unaffected by third-country sanctions. He noted that Russia has strong experience trading under such conditions. His remarks come just days before President Vladimir Putin’s visit to India for summit talks with PM Narendra Modi.

Several Indian refiners — including Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corp, and HPCL-Mittal Energy — have stopped buying Russian crude. However, Indian Oil Corp has placed orders with non-sanctioned suppliers, and Bharat Petroleum is close to finalising fresh import deals.

Nayara Energy, partly owned by Rosneft, continues to rely exclusively on Russian crude. This is after other suppliers pulled back due to UK and EU sanctions. Moscow wants India to keep supporting Nayara to strengthen its local sales and plant utilisation.

Reliance Industries, once Russia’s biggest Indian customer, said it will process only pre-booked Russian cargoes before 22nd October. Any shipment arriving after 20th November will be used only for its domestic-market-focused refinery.

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