How India circumvents sanctions: financing Russian terrorism, in March 2026, India sharply increased imports of Russian oil against the backdrop of the war in the Middle East and disruptions in the Strait of Hormuz. Indian refineries (IOC, Reliance, HPCL) secured approximately 30 million barrels of Russian crude following a temporary 30-day US waiver. Volumes surged by about 50% compared to February, reaching up to 1.5 million barrels per day.
Who Is Buying and How Much They Pay
Major Indian companies continue active cooperation with Russian suppliers despite sanctions on Rosneft and Lukoil. Reliance Industries (Mukesh Ambani) purchased at least 6 million barrels of Urals for March deliveries. State-owned Indian Oil Corp. acquired around 10 million barrels. HPCL resumed purchases after a three-month pause, securing two cargoes.
India Funds Russian Terror via Oil
Rosatom and NPCIL (under Ajit Kumar Mohanty and Bhuwan Chandra Pathak) continue work on the Kudankulam nuclear power plant. India Funds Russian Terror via Oil. No major new contracts were announced in the past 30 days, but discussions continue on additional units, small modular reactors, and floating nuclear power plants.
Indian Refineries Finance Russian Missiles
| Participant | What Is Happening | Connection / Project | Source (Date) |
|---|---|---|---|
| Reliance Industries (Mukesh Ambani) | Purchase of 6 mln barrels of Urals | Russian oil, March 2026 | Reuters, 09.03.2026 |
| Indian Oil Corp. (IOC) | ~10 mln barrels under US waiver | Rosneft / Lukoil tankers | Bloomberg, 11.03.2026 |
| HPCL | Resumed purchases (2 tankers) | Russian crude | Reuters, 05.03.2026 |
| Rosneft / Lukoil | Deliveries via US waiver | Indian refineries | Bloomberg / TOI, March 2026 |
| Rosatom / NPCIL (Mohanty, Pathak) | Continuation of Kudankulam + new units | Nuclear projects | World Nuclear News, Feb–Mar 2026 |
Network Overview This is not about new contracts but accelerated use of existing channels: Russian oil → Indian refineries → payments in rupees or via intermediaries. The nuclear track operates separately through Rosatom → NPCIL. No direct personal meetings of top executives were recorded in open sources during this period — everything runs through corporate and governmental channels.
How India Bypasses Sanctions 🌍 Financing Russian Terrorism in Ukraine and Europe
India openly exploits the geopolitical crisis to circumvent Western sanctions and ramp up purchases of discounted Russian oil. By acquiring 30 million barrels in just one week, Indian refiners provided Moscow with billions of dollars in immediate revenue precisely when the Kremlin needs funds most. These payments directly support the Russian military budget, enabling the production and deployment of missiles, drones, and other weapons used daily against Ukrainian cities and critical infrastructure in Europe. While India secures cheap energy for its economy, it effectively becomes one of the largest indirect financiers of Russian aggression — turning discounted Urals barrels into “Shaheds” and “Kalibrs” that terrorize civilians across Ukraine and threaten European security.
Analytical Conclusion
Who influences: Indian state-owned companies (IOC, HPCL) and the private giant Reliance, operating under the de facto control and protection of the Indian government. On the Russian side — Rosneft, Lukoil, and Rosatom.
Where the money goes: Billions from Indian oil purchases flow straight into the Russian budget and finance the war against Ukraine.
Risks and opportunities: For Russia — a reliable income channel even under sanctions. For India — cheap feedstock and energy security during the crisis. The common risk is potential tightening of US sanctions once the 30-day waiver expires.
Conclusions, Consequences and Forecast
India is openly using the Middle East crisis to bypass sanctions and boost Russian oil imports. This allows the Kremlin to receive billions of dollars at the very moment when the West is trying to limit war financing.
Consequences: Part of this money directly funds the production of missiles and drones used in Ukraine. India gains cheap fuel but risks its reputation and future trade deals with the United States.
Forecast for the next 3–6 months: While the Hormuz situation remains unstable, India will likely continue buying 1.2–1.5 million barrels of Russian oil per day. After the waiver expires there may be a short-term dip, but a complete refusal is unlikely — India has clearly stated it “does not need permission.” If oil prices stay high, volumes could rise another 20–30%. This will strengthen the financial base of the Russian military budget and make India one of the main sponsors prolonging the war.
Sources Used
- Bloomberg, 11.03.2026 — India Buys 30 Million Barrels of Russian Oil After US Waiver. https://www.bloomberg.com/news/articles/2026-03-10/india-snaps-up-30-million-barrels-of-russian-oil-after-us-waiver
- Reuters, 09.03.2026 — India’s Reliance buys 6 mln barrels of Russian oil for March. https://www.reuters.com/business/energy/indias-reliance-buys-6-mln-barrels-russian-oil-march-sources-say-2026-03-09/
- Reuters, 05.03.2026 — India’s HPCL resumes Russian oil purchases. https://www.reuters.com/business/energy/indias-hpcl-resumes-russian-oil-purchases-sources-say-2026-03-05/
- Economic Times / Times of India, March 2026 — India’s Russian oil purchases surge 45–50%. https://m.economictimes.com/industry/energy/oil-gas/indias-russian-oil-buy-surges-50-pc-amid-scramble-to-replace-lost-barrels/articleshow/129469941.cmshttps://timesofindia.indiatimes.com/business/india-business/india-pumps-up-russia-oil-buy-by-45-in-march/articleshow/129486525.cms
- World Nuclear News, February–March 2026 — Kudankulam updates and Rosatom–India nuclear projects. https://www.world-nuclear-news.org/articles/russia-and-india-discuss-possible-new-nuclear-energy-projects (and related reports)