In recent months, Indian refiners have ramped up their imports of Russian crude oil, averaging 1.98 million barrels per day in March 2023, the highest since June 2023. This surge is attributed to a supply crunch in the Middle East and a decrease in the threat of U.S. sanctions. Although imports dipped to an average of 1.57 million barrels per day in April due to maintenance at Nayara Energy’s refinery, expectations are that volumes will rebound soon. Industry executives believe that a U.S. waiver allowing Russian oil purchases will likely be extended, further supporting India's purchasing strategy. Since the invasion of Ukraine in 2022, India has transitioned from minimal Russian oil imports to becoming the largest seaborne buyer, capitalizing on discounted prices as other nations withdrew. The geopolitical landscape, including U.S. and Israeli actions in Iran and the closure of the Strait of Hormuz, has intensified India's focus on securing oil supplies. Currently, India imports about 90% of its crude oil, making it highly reliant on stable flows through critical maritime routes.