India Mulls Return to Russian Oil as Middle East Strikes Disrupt Supplies
Mar 2nd 2026
After strikes linked to the Iran conflict all but halted traffic through the Strait of Hormuz, Indian refiners and government officials discussed emergency supply plans that include returning to Russian crude stored in Asian floating tanks and seeking US permission to import under sanctions.
- Indian state refiners and officials met to consider buying Russian crude held in floating storage in Asia.
- The Iran war and Tehran’s retaliatory strikes have sharply disrupted oil flows through the Strait of Hormuz.
- India is pressing its foreign affairs ministry to seek US leeway for imports of Russian oil under sanctions.
- Millions of barrels of Russian crude are parked idly near major Asian hubs awaiting buyers.
- India’s commercial and strategic crude reserves could cover only about two weeks of consumption.
- India had recently cut Russian purchases to align with US concerns while boosting imports from other regions.