India's Russian Oil Imports Surge 90% in March Amid US Sanctions Waivers

India's imports of Russian crude oil witnessed a significant 90% surge in March compared to the previous month. This sharp increase follows a strategic U.S. waiver granted for Russian crude oil already loaded onto tankers, facilitating smoother transactions. The pivot to Russian supplies comes as India's total crude imports slumped by 15% due to the de facto closure of the Strait of Hormuz. Disrupted Middle Eastern supply routes, exacerbated by regional conflicts, forced Indian refiners to seek alternative sources to stabilize domestic energy needs. Data from Kpler suggests that the surge in Russian intake served as a critical buffer against supply chain shocks. While the volume increase is substantial, analysts view the move as a stabilization effort rather than a new global market disruption.