India's Oil Imports from Russia Drop to 44-Month Low in January 2026

Financial outlets describe India’s renewed turn to Russian oil as a response to higher prices and supply risks from the Iran conflict and Hormuz disruptions. They link the rupee’s record weakness and rising inflation worries directly to the oil spike and India’s limited reserves. They expect New Delhi to mix more Russian crude with export curbs and possible rationing to shield domestic consumers and markets.

• •Indian officials are preparing a contingency plan that could include export curbs, higher Russian crude imports, and LPG rationing to manage Iran‑related supply shocks.
• •The record low rupee is tied to costlier oil imports and fears that energy prices will push up inflation.
• •India’s earlier pivot away from Russian oil toward Gulf suppliers has been upended by the Iran war and shipping disruptions.
• •Limited crude and fuel reserves of around 25 days each leave India sensitive to any prolonged blockage near the Strait of Hormuz.
• •Higher Russian supplies are viewed as a way to ease both physical shortages and pressure on India’s trade balance.