Indian Oil Refineries has reportedly secured the purchase of approximately 60 million barrels of Russian oil to be delivered in April. Bloomberg reported that the cargoes were snapped up at premiums between $5 and $15 per barrel, citing an unnamed source. The surge in buying was enabled by the 30-day US-Treasury waiver allowing India to take delivery of Russian oil. The purchase was intended to make up for the energy scarcity, as the war in West Asia continues to disrupt the energy flow to India and other Southeast Asian countries.The Bloomberg report also emphasised that India was desperate for Russian crude despite losing the heavy discounts to the global benchmark it was enjoying previously. The volume of the purchase was almost consistent with its monthly requirements, but twice the volume of purchase in February, when there was no waiver. The US issued the waiver to ease the burden of the war in Iran, as oil prices surged in the future and the spot market.Also Read: <a href="https://www.wionews.com/world/trump-insider-trading-allegations-oil-sp500-futures-iran-truce-1774425101072">Insider trading suspicions after Trump’s Iran U-turn and $2 billion pre-announcement trades</a>According to shipping data from earlier this month, as the Washington announced waiver, the Indian appetite for Russian crude surged, with several China-bound tankers being redirected towards India. In the first two weeks of March, the volume of Russian crude on the sea dropped by nearly 20 million barrels, which is equivalent to 2 million barrels per day. This has resulted in a windfall for Putin's oil revenue, the highest since March 2022, returning it to the number one position, as reported by Reuters.&nbsp;Bloomberg reported that Indian refiners, including Mangalore Refinery &amp; Petrochemicals Ltd. (MRPL) and Hindustan Mittal Energy Ltd., which had earlier shifted to the purchase of Iraqi and Saudi Arabian crude in recent months, have again shifted to Russian crude. India is also looking to diversify its sourcing as the war is refusing to die down, according to the Bloomberg report, citing Kpler data, Indian imports of Venezuelan crude for April are projected at 8 million barrels, marking the highest level since October 2020.&nbsp;&nbsp;

India has secured 60 million barrels of Russian oil for April delivery under a US waiver, as war-driven disruptions push refiners to diversify supply sources.

Indian Oil Refineries has reportedly secured the purchase of approximately 60 million barrels of Russian oil to be delivered in April. Bloomberg reported that the cargoes were snapped up at premiums between $5 and $15 per barrel, citing an unnamed source. The surge in buying was enabled by the 30-day US-Treasury waiver allowing India to take delivery of Russian oil. The purchase was intended to make up for the energy scarcity, as the war in West Asia continues to disrupt the energy flow to India and other Southeast Asian countries. The Bloomberg report also emphasised that India was desperate for Russian crude despite losing the heavy discounts to the global benchmark it was enjoying previously. The volume of the purchase was almost consistent with its monthly requirements, but twice the volume of purchase in February, when there was no waiver. The US issued the waiver to ease the burden of the war in Iran, as oil prices surged in the future and the spot market. Also Read: Insider trading suspicions after Trump’s Iran U-turn and $2 billion pre-announcement trades According to shipping data from earlier this month, as the Washington announced waiver, the Indian appetite for Russian crude surged, with several China-bound tankers being redirected towards India. In the first two weeks of March, the volume of Russian crude on the sea dropped by nearly 20 million barrels, which is equivalent to 2 million barrels per day. This has resulted in a windfall for Putin's oil revenue, the highest since March 2022, returning it to the number one position, as reported by Reuters. Bloomberg reported that Indian refiners, including Mangalore Refinery & Petrochemicals Ltd. (MRPL) and Hindustan Mittal Energy Ltd., which had earlier shifted to the purchase of Iraqi and Saudi Arabian crude in recent months, have again shifted to Russian crude. India is also looking to diversify its sourcing as the war is refusing to die down, according to the Bloomberg report, citing Kpler data, Indian imports of Venezuelan crude for April are projected at 8 million barrels, marking the highest level since October 2020.

India has secured 60 million barrels of Russian oil for April delivery under a US waiver, as war-driven disruptions push refiners to diversify supply sources.

India snaps up 60 million barrels Russian crude despite higher premiums amid Iran war

Iran has accused the United States of reversing its stance on Russian oil, claiming Washington is now encouraging countries, including India, to purchase Russian crude after months of pressure to curb such imports. The comments came from Iran’s foreign minister Seyed Abbas Araghchi, who said the shift reflected a dramatic change in US policy following the outbreak of war involving Iran and rising instability in the Middle East energy market.&nbsp;According to Araghchi, the White House had spent months pressuring India and other countries to scale back purchases of Russian oil after Moscow’s invasion of Ukraine. But the disruption caused by the conflict involving Iran, including the effective closure of the Strait of Hormuz, has forced a rethink in Washington as global energy markets tighten. He said the US position had quickly shifted as oil supplies from the Gulf were threatened and global prices surged. “Europe thought backing the illegal war on Iran would win US support against Russia. Pathetic.”&nbsp;The comments come as Russia emerges as one of the biggest economic beneficiaries of the turmoil in the Middle East. The disruption to oil shipments through the Strait of Hormuz has sharply increased demand for Russian crude from Asian buyers, particularly India and China. Analysts say Moscow is now earning tens of millions of dollars in additional revenue each day as prices rise and demand shifts.<h2>Here's what Iran's FM Seyed Abbas Araghchi said</h2>

<blockquote class="twitter-tweet">The U.S. spent months on bullying India into ending oil imports from Russia. After two weeks of war with Iran, White House is now begging the world—incl India—to buy Russian crude. Europe thought backing illegal war on Iran would win U.S. support against Russia. Pathetic. <a href="https://t.co/fbkrXpXa9P">pic.twitter.com/fbkrXpXa9P</a>&mdash; Seyed Abbas Araghchi (@araghchi) <a href="https://twitter.com/araghchi/status/2032544442503045126?ref_src=twsrc%5Etfw">March 13, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Russia has so far earned an estimated $1.3bn to $1.9bn in windfall revenues from taxes on oil exports in the first days of the crisis. That gain has been driven by higher prices for Russia’s Urals crude and stronger demand from Asian markets. Industry data indicates Russian oil is now trading roughly $20–$30 per barrel above its average price in the previous three months. Some shipments to India are reportedly being sold at a premium compared with Brent crude, a reversal from the discounts that Russian oil previously offered.&nbsp;Also Read: <a href="https://www.wionews.com/world/-a-big-hurdle-for-iranians-without-weapons-to-challenge-regime-trump-1773432772191">‘A big hurdle for Iranians without weapons to challenge regime': Trump</a>&nbsp;Energy analysts say the situation has given Moscow an unexpected financial boost after a difficult start to the year. Revenues from energy taxes had fallen sharply in early 2026, pushing Russia’s budget deficit to more than 90 per cent of the level projected for the full year. However, higher oil prices could quickly ease that pressure. “If the current shipment schedules, market intelligence, and cargo movements continue, total Russian crude arrivals for the full month could reach close to 2 million barrels per day,” said Sumit Ritolia, a lead analyst at Kpler in New Delhi, as quoted in an interview. “Russia is the big winner of this conflict,” he added.&nbsp;&nbsp;Analysts say the surge in prices could generate significant additional income for Moscow’s budget. Every $10 increase in the average monthly price per barrel of oil generates an additional $2.8bn in revenue for Russian oil exporters, of which the state receives about $1.63bn through taxation. “Roughly calculated, that equates to $54mn extra a day in budget revenues.” Some analysts believe Russia could earn between $3.3bn and $5bn in additional state revenues by the end of the month if current prices persist.&nbsp;<a href="https://www.wionews.com/videos/jd-vance-says-kristi-noem-has-great-opportunity-in-new-shields-of-america-role-wion-1773432891942/embed">https://www.wionews.com/videos/jd-vance-says-kristi-noem-has-great-opportunity-in-new-shields-of-america-role-wion-1773432891942/embed</a>&nbsp;Much will depend on how long the Middle East crisis continues and whether energy flows from the Gulf remain disrupted. “Russia is the big winner of this conflict.” At the same time, Russian President Vladimir Putin has suggested global energy markets may be entering “a new pricing reality” and floated the possibility of resuming energy exports to Europe. Analysts say Russia could also increase oil production if prices remain high.&nbsp;&nbsp;The country is currently producing about 300,000 barrels per day below its quota under the OPEC+ agreement. However, whether Moscow can fully capitalise on the situation will depend largely on how the United States handles sanctions on Russian energy exports while the war in Ukraine continues.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

White House U-Turn: Now ‘begging’ countries, including India, to buy Russian crude, claims Iran

Iran has accused the United States of reversing its stance on Russian oil, claiming Washington is now encouraging countries, including India, to purchase Russian crude after months of pressure to curb such imports. The comments came from Iran’s foreign minister Seyed Abbas Araghchi, who said the shift reflected a dramatic change in US policy following the outbreak of war involving Iran and rising instability in the Middle East energy market. According to Araghchi, the White House had spent months pressuring India and other countries to scale back purchases of Russian oil after Moscow’s invasion of Ukraine. But the disruption caused by the conflict involving Iran, including the effective closure of the Strait of Hormuz, has forced a rethink in Washington as global energy markets tighten. He said the US position had quickly shifted as oil supplies from the Gulf were threatened and global prices surged. “Europe thought backing the illegal war on Iran would win US support against Russia. Pathetic.” The comments come as Russia emerges as one of the biggest economic beneficiaries of the turmoil in the Middle East. The disruption to oil shipments through the Strait of Hormuz has sharply increased demand for Russian crude from Asian buyers, particularly India and China. Analysts say Moscow is now earning tens of millions of dollars in additional revenue each day as prices rise and demand shifts. Here's what Iran's FM Seyed Abbas Araghchi said

Iran claims that the US is now urging countries, including India, to buy Russian oil after months of pressure, as the Middle East conflict boosts Moscow’s energy revenues

Indian External affairs minister S Jaishankar has responded to EU foreign policy chief Josep Borrell's call for action against Indian refined products from Russian crude. Jaishankar advised Borrell to refer to EU Council regulations, specifically Regulation 833/2014, which Jaishankar said recognises that Russian crude undergoes substantial transformation in a third country and is no longer treated as Russian.

Indian FM reminds EU of its own regulations, defends India's stance on Russian oil

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India snaps up 60 million barrels Russian crude despite higher premiums amid Iran war

White House U-Turn: Iran claims US now urging India to buy Russian oil

Indian FM reminds EU of its own regulations, defends India's stance on Russian oil