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India and Russia discuss resuming direct LNG sales amid sanctions
A March 19 meeting in Delhi produced a verbal agreement to negotiate LNG sales and expand Russian crude shipments as Gulf disruptions push energy prices higher.
Mar 27th 2026 · India
Insights
- A March 19 ministerial meeting in Delhi produced a verbal agreement to negotiate direct LNG sales between Russia and India for the first time since the Ukraine conflict escalated.
- Proceeding with Russian LNG could risk violating Western sanctions on Russian oil.
- Ministers also agreed to increase Russian crude deliveries, which Reuters said could double January levels to at least 40% of India’s imports within about a month.
- The talks come as global energy prices have surged following the Middle East conflict and an Iranian blockade of the Strait of Hormuz.
- India bought nearly 2 million barrels per day of Russian oil in 2024, worth about $44 billion, but scaled back purchases late last year under US pressure.
- India imports about 85% of its oil and nearly half of its natural gas, with roughly half of those shipments transiting the Strait of Hormuz.
- US officials expect a waiver on sanctions to be extended while Strait of Hormuz disruptions persist, according to Bloomberg.